CapitaLand commemorates 20th anniversary by unveiling business transformation framework “The Next 20”
3 core tenets of People, Sustainability and Digitalisation to guide the Group’s organisational transformation and progress
Singapore, 20 November 2020 – As CapitaLand marks the 20th anniversary of its listing on Singapore Exchange Securities Trading Limited this month, the Group is honouring the deep-rooted stakeholder relationships built over the last two decades by unveiling its new business transformation framework – “The Next 20” (TN20). TN20 is built on three core tenets of People, Sustainability and Digitalisation, to enable the Group to prevail and thrive in this time of dramatic changes. The framework supports CapitaLand’s vision of becoming a global real estate player as the Group continues to invest in its three strategic growth businesses: development across asset classes in its core markets, and global expansion through its fund management and lodging platforms.
Mr Lee Chee Koon, Group CEO of CapitaLand Group, said: “As we reflect on CapitaLand’s first 20 years, we are taking this opportunity to reaffirm the company’s commitment to build a lasting business. The impact of COVID-19 is expected to adversely impact CapitaLand’s financial performance for 2020. But CapitaLand’s fundamentals remain strong and our financial position continues to be resilient. Notwithstanding short-term challenges, we expect CapitaLand to emerge stronger from the COVID-19 crisis."
"‘The Next 20’ will provide the framework for growth and progress through innovation and renewal within the Group. The ambition is to build CapitaLand for the long term while we continue to better ourselves today.”
TN20 – People
CapitaLand aims to be a progressive employer of choice that empowers its people to realise their potential in a post-COVID-19 economy. It is focused on growing talent and building its leadership pipeline, in addition to equipping staff with the capabilities, such as digital competency, required for the business of today and the future. CapitaLand’s Building Capability Framework was launched in August 2019 to develop a competent, adaptable and future-ready workforce, and about 90% of CapitaLand employees in Singapore have attended at least one digital skills training.
This is supplemented by active programmes in attracting talent with the right competencies and recruiting promising young graduates for development to leadership positions. Under the SGUnited Traineeships Programme and SGUnited Mid-Career Pathways Programme, CapitaLand has also committed to 90 job positions for fresh graduates and mid-career joiners respectively. Through these programmes, the Group aims to discover and build a new pipeline of talents with fresh perspectives, while supporting individuals in finding meaningful job and training opportunities amid the pandemic.
CapitaLand continues to support the next-generation workforce by partnering local universities to provide internships and work study programmes for their students. It also collaborates to facilitate events that encourage learning, innovation and adaptability. Examples include the NTU Singapore Business Case Competition, which calls for teams to present their business plans in a simulated real-world corporate environment; and the NUS Future of Real Estate Employment and Education Industry Work Group, which challenges participants to reimagine real estate in the new normal.
TN20 – Sustainability
Through the eventual deployment of innovations identified from its inaugural CapitaLand Sustainability X Challenge, CapitaLand seeks to accelerate sustainability innovation and collaboration within the built environment to meet its sustainability goals set out in CapitaLand’s 2030 Sustainability Master Plan launched in October 2020. Focusing on the three themes of building portfolio resilience and resource efficiency, enabling thriving and future-adaptive communities, and accelerating sustainability innovation and collaboration; CapitaLand’s Sustainability Master Plan builds upon the Group’s sustainability achievements over the past 20 years to accelerate and amplify its sustainability efforts for the next 10 years till 2030.
Amid current and foreseeable challenges ahead, CapitaLand remains committed to support the communities where it operates. To date, the Group has contributed more than S$2 million in Singapore and over S$6 million globally to support local communities impacted by the pandemic. More than 1,000 staff and community volunteers had been mobilised as part of employee volunteerism as well. For the Group’s philanthropic efforts, CapitaLand has been conferred the “Organisation of Good” award, the highest honour in Singapore for giving to the community.
This commitment to sustainability gives CapitaLand a strong sense of purpose and a thread of continuity that will bind the Group and the global communities it operates in together, in the face of rapid changes as it embarks on the next lap.
TN20 – Digitalisation
CapitaLand is charting its way forward in digital and tech transformation to future proof its business model. Digital initiatives that drive progress and innovation to better meet customer needs are being accelerated. Through fast-tracking its digitalisation strategy, CapitaLand goes beyond a mere brick-and-mortar landlord to one that empowers its tenants to grow their businesses sustainably in an omnichannel environment.
- CapitaStar, the Group’s digital retail ecosystem, has expanded its membership base to 13 million in Singapore and China. Through data analytics, CapitaLand is able to work with its retailers to better customise shopping experiences that cater to shoppers’ preferences. The Group plans to leverage CapitaStar to drive cross-border online sales, eventually building a network of valuable B2C and B2B connections. CapitaStar members in Singapore who are also members of Ascott Star Rewards (ASR) can seamlessly exchange their CapitaStar STAR$® for ASR points and vice versa via mobile apps – another way the Group has strategically combined digital synergies across its businesses to bring greater value to its customers.
- The Smart Urban Co-Innovation Lab, Southeast Asia’s first industry-led lab for smart cities solutions development, brings together leaders in the smart cities space to co-create and test innovations with local built environment and technology enterprises in a live environment at CapitaLand’s 5G-enabled Singapore Science Park. CapitaLand, together with its industry partners, has committed up to S$10 million in the Lab as a start to catalyse development and deployment of smart cities solutions in Singapore and overseas.
- Across its operations, CapitaLand is focusing on building key enablers that give its businesses a competitive edge amidst digital disruption, such as using data analytics capabilities to enable faster data-driven decisions, and using robots and sensors to boost work productivity. An example is the debut of the CapitaLand Automated Recruitment Agent (CLARA) chatbot, which simplifies both the application and recruitment processes by performing first-round screening of candidates based on an objective scoring system.
Continual stakeholder engagement to further support ecosystem partners
As a precursor to the launch of TN20, Mr Lee invited representatives of CapitaLand’s different stakeholder groups, including media editors and general members of the public, to pose questions. These questions, ranging from Mr Lee’s leadership philosophy to lessons learnt from COVID-19 and his career advice for the next-generation workforce, helped in shaping the foundation of the TN20 framework. Mr Lee’s responses to a total of 20 questions have been compiled into a video for sharing with CapitaLand’s stakeholders.
When prompted to describe 2020 in a tweet, given the trials presented by the pandemic, Mr Lee said in the video:
"The challenges and struggles we are facing in 2020 will develop the strengths we need for years to come.”
He added: “Most importantly, we must incorporate sustainability considerations across the full spectrum of our business, whether it’s in reaching out to the environment and our communities or reaching in to our own people. That is how we can build a company that lasts.”
Please refer to this video for more of Mr Lee’s responses to questions from CapitaLand stakeholders.