CapitaLand completes $883 mil redevelopment of 1 Science Park Drive
CapitaLand Group (CapitaLand) has completed the S$ 883 million redevelopment of 1 Science Park Drive. According to an announcement dated April 1, the real estate consists of 3 structures– 1, 1A and 1B Science Park Drive– and got its temporary slot license (TOP) on March 3.
With the finish of the property, all five properties in the Geneo life sciences and innovation cluster at Singapore Science Park (SSP) are currently operationally all set.
” The conclusion of 1 Science Park Drive marks a significant milestone in CapitaLand’s multi-stage rejuvenation of SSP,” says Ronald Tay, CEO of CLD Singapore.
The retail podium is schedule to open this month, providing eating options consisting of a food court and dining establishments like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.
Guaranteed and prospective enterprise space tenants originate from markets just like biomedical sciences, pharmaceutical, financial companies, chemical and innovation.
According to CapitaLand, around 76% of the total net lettable space has actually been dedicated, with an additional 19% of area under advanced arrangements.
Jointly owned by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped property is composed of a 15-storey high rise, two 9-storey blocks and retail shops linked by an event plaza and a shared basement carpark.
He includes: “Complemented by retail and lifestyle services as well as our active placemaking efforts, the SSP neighborhood can expect a holistic atmosphere for work, live, and play.”
The property extends an overall gross floor area of about 1.25 million sq ft. This includes a net lettable area of about 1.06 million sq ft of company place and 43,960 sq ft of retail spot.
” The solid market reception mirrors confidence in our revitalisation approach to future-proof our service space real estates,” claims William Tay, Chief Executive Officer of CLAR. “We will certainly remain to invest in and redevelop existing investments to optimise our account of well-located and high-quality organization place and life sciences assets in Singapore.”
1 Science Park Drive occupies a prime place at the major entry of SSP. The property is connected to Kent Ridge MRT Station on the Circle Line via a below ground walkway.
The development has also accomplished eco-friendly qualifications including the Building and Construction Authority’s Green Mark Platinum standing and International WELL Building Institute’s WELL Core Gold precertification for healthy structure style.
