CapitaLand has set up a $50 million innovation fund on June 11 to support the testbedding of sustainability and other high-tech innovations in the built environment space.
The move comes as the group seeks to step up on its sustainability drive.
The fund was announced by CapitaLand’s group CEO Lee Chee Koon at the grand finale of the inaugural CapitaLand Sustainability X Challenge, where sustainability-focused companies, Inovues and Climatec Corp clinched the top prizes.
Both companies will receive $50,000 each to fund their pilot projects with CapitaLand.
“Research and innovation leading to commercialisation is a space where public and private sectors must collaborate. Research can be long-dated and involves high risk. Governments must support and fund it,” says Minister for Sustainability and the Environment of Singapore, Grace Fu, who was also the guest of honour at the event.
“Innovation is key to CapitaLand’s business and culture as we seek to deliver sustainable value to our stakeholders. The CapitaLand Innovation Fund will enable us to catalyse more innovations, accelerate our global sustainability efforts and ensure that we remain at the forefront of technology in the built environment space,” says Lee.
Shares in CapitaLand closed flat at $3.74 on June 11.
Photo: CapitaLand
