Current location site: Global

Dear colleagues,

With the year coming to a close, we look forward to 2025, when we will mark CapitaLand’s 25th anniversary since the group was formed through the merger of DBS Land and Pidemco Land.

CapitaLand has indeed come a long way since 2000. From shaping skylines and creating vibrant spaces to managing real assets, we are empowering and enabling communities everywhere we operate to live, work and play in a sustainable way. We have expanded our footprint beyond Asia Pacific to the US, Europe and the Middle East. We are very proud of our heritage and of the fact that we are now operating in over 260 cities across more than 40 countries. We count 90 nationalities in our CLI family. This is surely something we must be proud of.

Today, you and I hold the baton. It is our turn to expand further and build on the achievements of the CapitaLand teams who came before us. But the world around us is in a state of flux, and we see conflict and rivalry all around. As a small country and an open economy, Singapore is uniquely vulnerable to powerful crosscurrents of geopolitics and macroeconomics.

Our world is changing fast, and four key challenges continue to weigh heavily on our business going forward:

(1) The ongoing Russia-Ukraine conflict and the Middle East crisis have significantly disrupted global trade, food security and energy supply;

(2) Recent events in the domestic political arena of large European and North Asian countries have impacted investor and consumer sentiment;

(3) It remains to be seen what policies will be implemented or changed under the incoming Trump 2.0 Administration.

(4) Slower recovery in China and higher-for-longer interest rates will mean we need to work even harder at fundraising from a more diverse pool of capital sources.

These are just some potential macro-level risks and hurdles our team will need to navigate and surmount in the new year and beyond.

We must be pragmatic optimists amidst these challenges. The CapitaLand team is known for its clarity of vision, tenacity and resilience. So much of what we have achieved stems from our spirit and drive to transform, innovate and make a positive impact in all we do. This fundamental mindset permeates our whole company. We will continue to expand our capabilities and create sustainable long-term enterprise value, always thinking ahead and forging strong partnerships that will strengthen and position our company well for the future. This is the correct long-term strategy for us, and we have already laid a strong foundation in the Asia Pacific successfully. We are now setting our sights on both organic and inorganic growth in the US and Europe, which will boost CLI’s competitiveness on a global scale.

While we cannot control major forces in the external environment, we will stay committed to carefully stewarding the capital entrusted to us and working closely with all our stakeholders for long-term mutual success. There is an African proverb on the importance of a close-knit community: “If you want to go far, go together.” This is the culture we wish to foster - where all of us take ownership, seek expertise, build bridges and champion growth as one united CLI team.

It takes time to build a successful global business, and we are steadily putting in place the cornerstones required to ensure a solid foundation. We will stay focused on efficiency and optimising our operations to become even stronger. We know where we want to go, we have charted our path and are working hard to execute our strategy and achieve our goals. We will stay hungry, continue to grow our network of investors and partners, hunt for deals, raise capital and look after our customers and tenants. We have done this over the past 25 years across the economic cycles and we will continue to do so.

We must never let our drive for results blindside us. On the contrary, we must zealously work hard to safeguard CLI’s reputation. There will be many opportunities for growth, but we will continue to focus on doing deals which enable us to uphold our high standards of honour and conduct in line with our values. Always bear in mind the “newspaper test” when you evaluate whether a particular decision or action is right or wrong: imagine how you would feel if it were reported the following day in the national newspaper, with the assumption that the article is read by everyone, including your colleagues, family, friends and neighbours.

In 2021, I shared with you in my New Year’s message about my over-worn Under Armour teeshirt that I love and how its slogan carries great significance for me: “No Apologies, No Excuses”. Nowhere will this be more true than in the coming years. We are excited and hopeful for what the next 25 years and beyond will bring, and the world of opportunities that will open for our people and all our stakeholders as our CLI team marches onwards and upwards. We have come a long way, and we can go much further. We will keep on getting better.

Thank you for all your dedication and hard work in making CLI stronger with each passing year. I sincerely appreciate all the sacrifices you have made and hope you can find some time during this holiday season to spend quality time with your families and friends.

Keep well, enjoy the festivities, and Happy New Year!

Yours sincerely,

Chee Koon