CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
CapitaLand Group (CapitaLand) has recently finished the S$ 883 million redevelopment of 1 Science Park Drive. According to an announcement dated April 1, the property consists of 3 buildings– 1, 1A and 1B Science Park Drive– and got its momentary occupation permit (TOP) on March 3.
” The completion of 1 Science Park Drive notes a substantial landmark in CapitaLand’s multi-stage restoration of SSP,” claims Ronald Tay, Chief Executive Officer of CLD Singapore.
Guaranteed and potential enterprise spot tenants originate from markets like biomedical sciences, pharmaceutical, finance companies, chemical and technology.
The property reaches a total gross floor area of about 1.25 million sq ft. This includes a net lettable space of about 1.06 million sq ft of business space and 43,960 sq ft of retail space.
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 stores connected by an event plaza and a common basement carpark.
The retail podium is schedule to open this month, providing restaurant alternatives consisting of a food court and restaurants like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
With the completion of the property, all five structures in the Geneo life sciences and innovation cluster at Singapore Science Park (SSP) are now operationally all set.
He includes: “Complemented by retail and lifestyle facilities along with our active placemaking efforts, the SSP area can look forward to a holistic atmosphere for job, live, and play.”
According to CapitaLand, roughly 76% of the complete net lettable space has actually been dedicated, with one more 19% of area under advanced negotiations.
” The good market reception shows assurance in our revitalisation method to future-proof our company location real estates,” states William Tay, Chief Executive Officer of CLAR. “We will certainly remain to buy and redevelop occurring investments to optimise our portfolio of well-located and premium service space and life sciences properties in Singapore.”
1 Science Park Drive inhabits a prime location at the major entry of SSP. The property is linked to Kent Ridge MRT Station on the Circle Line via a below ground walkway.
The development has actually also achieved eco-friendly qualifications integrating the Building and Construction Authority’s Green Mark Platinum standing and International WELL Building Institute’s WELL Core Gold precertification for healthy building style.
