CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
According to CapitaLand, roughly 76% of the total net lettable space has actually been committed, with another 19% of area under advanced settlements.
” The solid market reception mirrors trust in our revival approach to future-proof our service location properties,” states William Tay, Chief Executive Officer of CLAR. “We will continue to purchase and redevelop existing assets to optimize our profile of well-located and premium company space and life sciences assets in Singapore.”
Mutually operated by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped property is made up of a 15-storey tower, 2 9-storey blocks and retail outlets connected by an event plaza and a shared basement carpark.
With the completion of the property, all five properties in the Geneo life sciences and innovation cluster at Singapore Science Park (SSP) are currently operationally available.
” The completion of 1 Science Park Drive denotes a significant landmark in CapitaLand’s multi-stage restoration of SSP,” states Ronald Tay, CEO of CLD Singapore.
The retail podium is slated to open this month, offering restaurant choices including a food court and restaurants like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
He includes: “Enhanced by retail and lifestyle services along with our active placemaking initiatives, the SSP community can expect a holistic environment for work, live, and play.”
Secured and prospective enterprise space tenants originate from industries just like biomedical sciences, pharmaceutical, finance companies, chemical and technology.
CapitaLand Team (CapitaLand) has recently finished the S$ 883 million redevelopment of 1 Science Park Drive. According to a press release dated April 1, the property makes up three establishments– 1, 1A and 1B Science Park Drive– and obtained its short-term slot authorization (TOP) on March 3.
The property spans a total gross floor area of approximately 1.25 million sq ft. This consists of a net lettable area of about 1.06 million sq ft of business space and 43,960 sq ft of retail area.
1 Science Park Drive inhabits a prime place at the major entry of SSP. The property is connected to Kent Ridge MRT Station on the Circle Line via an underground walkway.
The development has also achieved environment-friendly credentials including the Building and Construction Authority’s Green Mark Platinum standing and International WELL Building Institute’s WELL Core Gold precertification for healthy building style.
