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Singapore, 23 April 2026 – CapitaLand Investment Limited (CLI), a leading global real asset manager, has secured the investment mandate to manage Income Insurance Limited’s (Income Insurance) direct real estate portfolio. The portfolio comprises retail, commercial and industrial assets held directly by Income Insurance and through its joint ventures.

As investment manager, CLI will leverage its deep portfolio management capabilities to enhance the performance of Income Insurance’s existing real estate assets in Singapore, while actively seeking and evaluating new investment opportunities for Income Insurance across the Asia Pacific region.

The new investment mandate adds to CLI’s strong deal momentum in Singapore, with over S$12.1 billion of transactions in 2025 and year-to-date 2026. CLI continues to invest in its home market, Singapore, as it pursues capital recycling across multiple asset classes to drive higher returns for investors. This includes the joint acquisition of Ascent, a premium business space property, by CapitaLand Ascendas REIT (CLAR) and a global sovereign wealth fund (SWF) for a total purchase consideration of S$490 million. Most recently, CapitaLand Integrated Commercial Trust (CICT) announced the divestment of Asia Square Tower 2 for S$2.5 billion and the acquisition of Paragon for S$3.9 billion. These transactions not only drive fee related revenue for CLI, but more importantly, demonstrate CLI’s scale, network and proven ability to connect leading global institutional investors with high-quality investment opportunities in Singapore.

David Chua, Chief Investment Officer, Income Insurance, said: “Real estate is an important and strategic asset class in our investment portfolio. We are pleased to partner with a strong trusted partner like CLI for our Singapore real estate portfolio. Their platform breadth, scale and extensive network within Singapore’s real estate market stands out. Tapping CLI’s portfolio and asset management expertise will enable Income Insurance to further enhance the value of our real estate portfolio and to achieve our long-term investment return objectives. I am confident that our partnership will put us in good stead to deliver steady returns to our policyholders and shareholders.”

As a stable and well-regulated global wealth hub, capital inflow from global investors into Singapore is set to continue¹. Singapore’s foreign direct investment as a proportion of its GDP remains amongst the top 10 in the world². CLI’s high-quality and diversified portfolio in Singapore across its listed and private funds is well-positioned to benefit from the flight-to-quality trend amongst investors. CLI currently owns and/or manages about 200 properties in the country, comprising retail, office, lodging, industrial, logistics, business parks, wellness, self-storage and data centre assets.

Please refer to the Annex for more information on CLI’s transactions in Singapore in year-to-date 2026.

Footnotes:

1. Cushman & Wakefield “Singapore Market Outlook 2026”.

2. World Bank Group – Foreign direct investment, net inflows.

3. Refer to the news release “CapitaLand Investment drives the next phase of logistics growth with strategic investments across Asia Pacific” for more information.

4. Refer to the news release “CICT and Consortium awarded Hougang Central site for landmark mixed-use development” for more information.

5. Refer to the news release “CapitaLand Ascendas REIT acquires two assets in Singapore and enters Japan with a hyperscale data centre for S$1.4 billion” for more information.

6. Refer to the news release “CICT to divest Asia Square Tower 2 for S$2.5 billion and acquire Paragon, a premier freehold integrated development in Orchard Road, for S$3.9 billion” for more information.