Competition watchdog not notified of Clementi Mall sale to entity linked with Guangzhou family-run firm

The parties involved in The Clementi Mall's sale and a possible CapitaLand-MapleTree merger have not formally notified the Competition and Consumer Commission of Singapore (CCS) for a merger assessment.

Minister for Trade and Industry Gan Kim Yong shared this in a Jan. 12 written reply to parliamentary questions about protecting small and medium enterprises (SMEs) following major acquisitions of heartland malls.

Gan explained that Singapore adopts a voluntary merger notification regime — it is not mandatory for merger parties to inform the anti-competition watchdog of their transactions.

Instead, they are expected to self-assess whether their transaction may give rise to potential competition concerns.

Nonetheless, CCS will continue to monitor both developments.

The watchdog is empowered to step in if it finds that a merger may result in potential competition issues, Gan added.

Concerns

The two consolidations have raised concerns that small-business tenants might face higher rents, longer lease terms, and unfair lease renewal negotiations.

In December 2025, Clementi Mall was bought over for S$809 million by an entity linked to The Elegant Group, a property investment firm run by a family in Guangzhou, China.

The Elegant Group, established in 2015, currently owns five suburban malls in Singapore.

They include Grantral Mall@Clementi, just a minute's walk away from Clementi Mall.

Chinese brands, especially in the food and beverage industry, have been increasingly expanding to Singapore in 2025, according to Reuters.

The head of retail for real estate firm Knight Frank told Reuters that investment from large Chinese conglomerates has pushed up rent, particularly in high-traffic areas where the supply of commercial space is tight.

One of the parliamentary questions posed to the Ministry of Trade and Industry (MTI) highlighted a concern that a concentrated tenant mix from one overseas market in heartland malls may affect inclusion and social cohesion.

As for the merger between CapitaLand and MapleTree, the Wall Street Journal reported in November 2025 that the two property developers were exploring the deal, and might start laying the groundwork for the process in 2026.

As two of Singapore's biggest real-estate asset managers, both owned by Temasek Holdings, their merger could create an Asia-Pacific property giant with more than US$150 billion (S$193 billion) in assets, according to WSJ.

Helping tenants

Apart from the CCS monitoring competition, Gan said that there are government measures to support fair and balanced lease negotiations between property owners and tenants.

They include the Code of Conduct for Leasing of Retail Premises, which sets out principles to prevent the inclusion of unreasonable clauses in lease agreements.

"The retail scene in Singapore remains competitive and vibrant, offering a wide range of options to consumers," Gan added. "The government continues to support local retailers and SMEs in strengthening their capabilities."

Top images from Clementi Mall's website, MapleTree's website, and CapitaLand/Google Maps