CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
Collectively managed by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped property is made up of a 15-storey high rise, two 9-storey blocks and retail shops linked by an event plaza and a common basement carpark.
Guaranteed and prospective enterprise spot lessees come from industries such as biomedical sciences, pharmaceutical, financial companies, chemical and modern technology.
With the completion of the property, all five buildings in the Geneo life sciences and development cluster at Singapore Science Park (SSP) are now operationally available.
CapitaLand Team (CapitaLand) has recently completed the S$ 883 million redevelopment of 1 Science Park Drive. According to a press release dated April 1, the real estate makes up three establishments– 1, 1A and 1B Science Park Drive– and obtained its short-term occupation permit (TOP) on March 3.
The retail podium is schedule to open this month, supplying eating alternatives including a food court and dining establishments like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
According to CapitaLand, about 76% of the overall net lettable location has actually been committed, with one more 19% of room under advanced settlements.
” The strong market reception mirrors confidence in our revival approach to future-proof our business space real estates,” claims William Tay, Chief Executive Officer of CLAR. “We will certainly remain to buy and redevelop existing properties to optimize our account of well-located and high-quality business place and life sciences properties in Singapore.”
The property reaches an overall gross floor area of around 1.25 million sq ft. This consists of a net lettable area of around 1.06 million sq ft of business place and 43,960 sq ft of retail area.
” The completion of 1 Science Park Drive denotes a significant turning point in CapitaLand’s multi-stage restoration of SSP,” states Ronald Tay, CEO of CLD Singapore.
He adds: “Enhanced by retail and lifestyle services as well as our active placemaking initiatives, the SSP community can expect a holistic atmosphere for job, live, and play.”
1 Science Park Drive occupies a prime place at the primary 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 eco-friendly qualifications containing the Building and Construction Authority’s Green Mark Platinum standing and International WELL Building Institute’s WELL Core Gold precertification for healthy structure style.
