CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
The retail podium is schedule to open this month, offering eating alternatives including a food court and restaurants like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
CapitaLand Group (CapitaLand) has already finished the S$ 883 million redevelopment of 1 Science Park Drive. According to a news release dated April 1, the property comprises 3 structures– 1, 1A and 1B Science Park Drive– and acquired its short-term slot authorization (TOP) on March 3.
The property spans a total gross floor area of around 1.25 million sq ft. This consists of a net lettable location of around 1.06 million sq ft of business place and 43,960 sq ft of retail spot.
Guaranteed and potential business spot lessees originate from markets such as biomedical sciences, pharmaceutical, finance companies, chemical and innovation.
” The solid market reception shows confidence in our revival method to future-proof our service location real estates,” states William Tay, CEO of CLAR. “We will certainly continue to purchase and redevelop occurring assets to optimise our account of well-located and premium service space and life sciences assets in Singapore.”
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 all set.
He includes: “Matched by retail and lifestyle features in addition to our active placemaking initiatives, the SSP neighborhood can look forward to a holistic atmosphere for job, live, and play.”
According to CapitaLand, approximately 76% of the complete net lettable location has been dedicated, with another 19% of area under advanced arrangements.
Mutually owned by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped real estate is made up of a 15-storey tower, two 9-storey blocks and retail stores connected by an activity plaza and a shared basement carpark.
” The completion of 1 Science Park Drive marks a considerable turning point in CapitaLand’s multi-stage renewal of SSP,” states Ronald Tay, Chief Executive Officer of CLD Singapore.
1 Science Park Drive inhabits a prime location at the major entry of SSP. The property is connected to Kent Ridge MRT Station on the Circle Line via a below ground walkway.
The development has also accomplished green credentials integrating the Building and Construction Authority’s Green Mark Platinum rating and International WELL Building Institute’s WELL Core Gold precertification for healthy structure style.
