On 17 April 2000, ST Property Investments (STPI), a shareholder of Pidemco Land and a subsidiary of the Singapore Technologies group, acquired 24.6% of DBS Land. This acquisition resulted in STPI becoming a shareholder of both DBS Land and Pidemco Land.

As both DBS Land and Pidemco Land were engaged in similar areas of the property business, the management of Pidemco Land and DBS Land conducted a strategic review of their businesses and concluded that shareholder value would be maximised by merging the two similar companies.

On 12 July 2000, Pidemco Land Limited and Singapore-listed DBS Land Limited announced that they had signed a merger agreement to create the largest listed property company in South East Asia.

In November 2000, CapitaLand Limited was formed.

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