CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
Jointly managed by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped real estate is comprised of a 15-storey high rise, 2 9-storey blocks and retail stores connected by an event plaza and a shared basement carpark.
” The strong market reception reflects assurance in our revitalisation approach to future-proof our business place properties,” says William Tay, CEO of CLAR. “We will certainly remain to buy and redevelop existing properties to optimize our portfolio of well-located and high-quality service place and life sciences properties in Singapore.”
CapitaLand Group (CapitaLand) has already finished the S$ 883 million redevelopment of 1 Science Park Drive. According to a press release dated April 1, the real estate makes up 3 establishments– 1, 1A and 1B Science Park Drive– and obtained its momentary occupation authorization (TOP) on March 3.
According to CapitaLand, approximately 76% of the total final lettable area has been committed, with one more 19% of area under advanced settlements.
” The conclusion of 1 Science Park Drive denotes a considerable turning point in CapitaLand’s multi-stage restoration of SSP,” claims Ronald Tay, Chief Executive Officer of CLD Singapore.
The retail podium is slated to open this month, supplying eating options including a food court and restaurants like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
Secured and prospective enterprise space renters come from markets like biomedical sciences, pharmaceutical, financial companies, chemical and modern technology.
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 ready.
He includes: “Enhanced by retail and lifestyle services along with our active placemaking initiatives, the SSP community can expect a holistic environment for job, live, and play.”
The property reaches a full gross floor area of about 1.25 million sq ft. This consists of a net lettable location of around 1.06 million sq ft of company space and 43,960 sq ft of retail sector.
1 Science Park Drive inhabits a prime location at the primary entrance of SSP. The property is linked to Kent Ridge MRT Station on the Circle Line via an underground walkway.
The development has also achieved green 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 layout.
