CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
CapitaLand Team (CapitaLand) has recently finalized the S$ 883 million redevelopment of 1 Science Park Drive. According to an announcement dated April 1, the real property comprises three establishments– 1, 1A and 1B Science Park Drive– and got its momentary slot license (TOP) on March 3.
With the completion of the property, all five structures in the Geneo life sciences and innovation cluster at Singapore Science Park (SSP) are currently operationally available.
Jointly operated by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped property is composed of a 15-storey tower, 2 9-storey blocks and retail outlets linked by an activity plaza and a shared basement carpark.
According to CapitaLand, about 76% of the overall final lettable area has actually been committed, with an additional 19% of area under advanced arrangements.
The retail podium is slated to open this month, using restaurant choices including a food court and dining establishments like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
” The good market reception reflects trust in our revival method to future-proof our business place properties,” states William Tay, Chief Executive Officer of CLAR. “We will certainly continue to buy and redevelop existing investments to optimise our portfolio of well-located and high quality service place and life sciences properties in Singapore.”
He adds: “Enhanced by retail and lifestyle amenities in addition to our active placemaking initiatives, the SSP community can anticipate a holistic atmosphere for work, live, and play.”
The property reaches an overall gross floor area of about 1.25 million sq ft. This includes a net lettable area of around 1.06 million sq ft of company place and 43,960 sq ft of retail space.
” The conclusion of 1 Science Park Drive notes a significant turning point in CapitaLand’s multi-stage restoration of SSP,” states Ronald Tay, Chief Executive Officer of CLD Singapore.
Secured and potential business space tenants originate from sectors just like biomedical sciences, pharmaceutical, financial services, chemical and modern technology.
1 Science Park Drive occupies a prime place 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 accomplished green qualifications 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.
