CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
CapitaLand Group (CapitaLand) has finalized the S$ 883 million redevelopment of 1 Science Park Drive. According to an announcement dated April 1, the real estate consists of three establishments– 1, 1A and 1B Science Park Drive– and acquired its temporary occupation license (TOP) on March 3.
According to CapitaLand, approximately 76% of the total final lettable space has been dedicated, with an additional 19% of room under advanced arrangements.
Collectively operated 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 shops associated by an event plaza and a common basement carpark.
” The good market reception shows confidence in our revitalisation strategy to future-proof our company location properties,” states William Tay, Chief Executive Officer of CLAR. “We will remain to purchase and redevelop existing investments to optimize our profile of well-located and premium organization place and life sciences properties in Singapore.”
Springleaf Residence Guocoland and Hong Leong Group
With the finish of the property, all five properties in the Geneo life sciences and development cluster at Singapore Science Park (SSP) are currently operationally ready.
The property reaches a full gross floor area of approximately 1.25 million sq ft. This consists of a net lettable area of around 1.06 million sq ft of company place and 43,960 sq ft of retail area.
Guaranteed and potential enterprise spot tenants come from industries like biomedical sciences, pharmaceutical, finance companies, chemical and innovation.
” The completion of 1 Science Park Drive notes a significant milestone in CapitaLand’s multi-stage restoration of SSP,” states Ronald Tay, Chief Executive Officer of CLD Singapore.
The retail podium is schedule to open this month, offering eating choices including a food court and restaurants like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
He adds: “Complemented by retail and lifestyle amenities as well as our active placemaking efforts, the SSP community can anticipate a holistic setting for job, live, and play.”
1 Science Park Drive occupies a prime area at the main entry of SSP. The property is connected to Kent Ridge MRT Station on the Circle Line via a below ground walkway.
The development has actually also attained eco-friendly credentials containing the Building and Construction Authority’s Green Mark Platinum score and International WELL Building Institute’s WELL Core Gold precertification for healthy structure layout.
