CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
CapitaLand Team (CapitaLand) has recently finished the S$ 883 million redevelopment of 1 Science Park Drive. According to an announcement dated April 1, the real estate comprises three buildings– 1, 1A and 1B Science Park Drive– and acquired its momentary slot permit (TOP) on March 3.
The property spans an overall gross floor area of around 1.25 million sq ft. This includes a net lettable location of about 1.06 million sq ft of company space and 43,960 sq ft of retail area.
With the finish of the property, all five buildings in the Geneo life sciences and development cluster at Singapore Science Park (SSP) are currently operationally all set.
Guaranteed and possible business spot lessees originate from industries just like biomedical sciences, pharmaceutical, financial services, chemical and innovation.
Collectively managed by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped property is made up of a 15-storey high rise, two 9-storey blocks and retail outlets connected by an event plaza and a shared basement carpark.
Pinetree Hill UOL Group & Singapore Land Group Limited
According to CapitaLand, approximately 76% of the complete final lettable location has actually been committed, with another 19% of room under advanced settlements.
” The conclusion of 1 Science Park Drive notes a substantial landmark in CapitaLand’s multi-stage renewal of SSP,” states Ronald Tay, CEO of CLD Singapore.
” The good market reception mirrors trust in our rejuvenation method to future-proof our company place real estates,” states William Tay, CEO of CLAR. “We will remain to buy and redevelop existing investments to optimise our profile of well-located and premium business area and life sciences real properties in Singapore.”
He adds: “Complemented by retail and lifestyle services along with our active placemaking efforts, the SSP community can expect a holistic setting for job, live, and play.”
The retail podium is slated to open this month, providing eating choices consisting of a food court and dining establishments like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
1 Science Park Drive inhabits a prime area at the major entryway of SSP. The property is linked to Kent Ridge MRT Station on the Circle Line via an underground walkway.
The development has also attained green credentials integrating the Building and Construction Authority’s Green Mark Platinum score and International WELL Building Institute’s WELL Core Gold precertification for healthy building style.
