Yes, but it is actually a joint venture. Jewel Changi Airport is owned and managed by Jewel Changi Airport Trustee Pte Ltd, which is a partnership between Changi Airport Group (CAG) and CapitaLand, one of Asia’s largest diversified real estate groups. CAG owns a 51% majority stake, while CapitaLand owns the remaining 49%. A supportive peer clarification: because of this structure, Jewel functions differently than the airport terminals. While the terminals are primarily "airside" (beyond security), Jewel is a "landside" destination designed to be accessible to the general Singaporean public and transit travelers alike. This is why you’ll find a mix of high-end retail, the HSBC Rain Vortex, and forest attractions that look more like a luxury mall than a standard airport terminal. Even though it is physically connected to Terminals 1, 2, and 3, it is legally and operationally a distinct commercial entity that happens to live within the airport's footprint.