CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
Mutually owned by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped real estate is composed of a 15-storey high rise, two 9-storey blocks and retail shops linked by an activity plaza and a shared basement carpark.
Guaranteed and potential business space lessees come from industries just like biomedical sciences, pharmaceutical, financial services, chemical and modern technology.
The retail podium is schedule to open this month, supplying restaurant options consisting of a food court and dining establishments like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
According to CapitaLand, approximately 76% of the complete net lettable space has actually been dedicated, with another 19% of space under advanced arrangements.
He adds: “Enhanced by retail and lifestyle services in addition to our active placemaking initiatives, the SSP neighborhood can anticipate a holistic atmosphere for job, live, and play.”
The property extends a total gross floor area of around 1.25 million sq ft. This consists of a net lettable area of about 1.06 million sq ft of company place and 43,960 sq ft of retail sector.
CapitaLand Group (CapitaLand) has recently finished the S$ 883 million redevelopment of 1 Science Park Drive. According to an announcement dated April 1, the real estate makes up 3 structures– 1, 1A and 1B Science Park Drive– and obtained its temporary occupation permit (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 all set.
” The completion of 1 Science Park Drive marks a considerable landmark in CapitaLand’s multi-stage restoration of SSP,” claims Ronald Tay, Chief Executive Officer of CLD Singapore.
” The good market reception mirrors assurance in our revitalisation technique to future-proof our company place real estates,” says William Tay, CEO of CLAR. “We will certainly remain to buy and redevelop existing assets to optimize our account of well-located and high-quality company area and life sciences properties in Singapore.”
1 Science Park Drive inhabits a prime location at the major 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 credentials containing the Building and Construction Authority’s Green Mark Platinum score and International WELL Building Institute’s WELL Core Gold precertification for healthy building design.
