CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
CapitaLand Group (CapitaLand) has recently finalized the S$ 883 million redevelopment of 1 Science Park Drive. According to a press release dated April 1, the real property makes up three structures– 1, 1A and 1B Science Park Drive– and got its short-term occupation permit (TOP) on March 3.
According to CapitaLand, roughly 76% of the overall final lettable area has been committed, with an additional 19% of area under advanced negotiations.
The retail podium is schedule to open this month, providing dining alternatives including a food court and dining establishments like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
” The strong market reception reflects confidence in our revitalisation strategy to future-proof our service location properties,” claims William Tay, Chief Executive Officer of CLAR. “We will continue to invest in and redevelop occurring properties to optimize our account of well-located and high-quality business place and life sciences assets in Singapore.”
Jointly operated by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped real estate is made up of a 15-storey tower, 2 9-storey blocks and retail outlets connected by an event plaza and a shared basement carpark.
The property reaches a total gross floor area of about 1.25 million sq ft. This contains a net lettable space of around 1.06 million sq ft of business place and 43,960 sq ft of retail spot.
” The completion of 1 Science Park Drive notes a significant landmark in CapitaLand’s multi-stage rejuvenation of SSP,” claims Ronald Tay, Chief Executive Officer of CLD Singapore.
Guaranteed and potential business spot tenants come from industries such as biomedical sciences, pharmaceutical, finance companies, chemical and innovation.
He includes: “Complemented by retail and lifestyle features along with our active placemaking efforts, the SSP community can expect a holistic atmosphere for work, live, and play.”
With the finish of the property, all five structures in the Geneo life sciences and development cluster at Singapore Science Park (SSP) are now operationally available.
1 Science Park Drive occupies a prime location at the major entryway of SSP. The property is connected to Kent Ridge MRT Station on the Circle Line via an underground walkway.
The development has actually also achieved 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.
