CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
The property reaches a full gross floor area of approximately 1.25 million sq ft. This contains a net lettable space of around 1.06 million sq ft of business space and 43,960 sq ft of retail sector.
” The solid market reception reflects assurance in our revival method to future-proof our business space properties,” says William Tay, Chief Executive Officer of CLAR. “We will remain to purchase and redevelop existing investments to optimise our profile of well-located and high-quality service area and life sciences real properties in Singapore.”
” The conclusion of 1 Science Park Drive notes a significant milestone in CapitaLand’s multi-stage rejuvenation of SSP,” claims Ronald Tay, Chief Executive Officer of CLD Singapore.
CapitaLand Team (CapitaLand) has recently completed the S$ 883 million redevelopment of 1 Science Park Drive. According to a news release dated April 1, the real property consists of 3 buildings– 1, 1A and 1B Science Park Drive– and acquired its short-term occupation authorization (TOP) on March 3.
Mutually operated by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped property is comprised of a 15-storey tower, 2 9-storey blocks and retail outlets connected by an activity plaza and a common basement carpark.
He includes: “Enhanced by retail and lifestyle features in addition to our active placemaking efforts, the SSP neighborhood can anticipate a holistic environment for work, live, and play.”
The retail podium is schedule to open this month, providing dining options including a food court and restaurants like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
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 all set.
Secured and possible enterprise spot tenants originate from markets just like biomedical sciences, pharmaceutical, finance companies, chemical and technology.
According to CapitaLand, approximately 76% of the complete net lettable location has actually been committed, with one more 19% of room under advanced arrangements.
1 Science Park Drive occupies a prime area at the major entrance of SSP. The property is linked to Kent Ridge MRT Station on the Circle Line via a below ground walkway.
The development has also attained eco-friendly 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 design.
