Capitaland Completes 883 Mil Redevelopment 1 Science Park Drive
CapitaLand Group (CapitaLand) has recently announced the completion of the S$883 million redevelopment of 1 Science Park Drive.The property, which was jointly owned by CapitaLand Development (CLD) and CapitaLand Ascendas REIT (CLAR), comprises three buildings – 1, 1A, and 1B Science Park Drive. It obtained its temporary occupation permit (TOP) on March 3, according to a press release dated April 1.The redeveloped property consists of a 15-storey tower, two 9-storey blocks, and retail shops. It is connected by an event plaza and a shared basement carpark and covers a total gross floor area of about 1.25 million square feet. This includes a net lettable area of 1.06 million square feet for business space and 43,960 square feet for retail space.Approximately 76% of the total net lettable area has already been committed, with another 19% under advanced negotiations. The secured and prospective business space tenants come from a variety of industries such as biomedical sciences, pharmaceutical, financial services, chemical, and technology.The retail podium, which includes dining options such as a food court and restaurants like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box, is set to open this month.“The strong market reception reflects our confidence in our rejuvenation strategy to future-proof our business space properties,” said William Tay, CEO of CLAR. “We will continue to invest in and redevelop existing assets to optimize our portfolio of well-located and high-quality business space and life sciences properties in Singapore.”With the completion of the property, all five buildings in the Geneo life sciences and innovation cluster at Singapore Science Park (SSP) are now operational.“The completion of 1 Science Park Drive marks a significant milestone in CapitaLand’s multi-stage rejuvenation of SSP,” added Ronald Tay, CEO of CLD Singapore. “Complemented by retail and lifestyle amenities as well as our active placemaking initiatives, the SSP community can look forward to a holistic environment for work, live, and play.”1 Science Park Drive is strategically located at the main entrance of SSP and is linked to Kent Ridge MRT Station on the Circle Line via an underground walkway. The development has also achieved green credentials, including the Building and Construction Authority’s Green Mark Platinum rating and International WELL Building Institute’s WELL Core Gold precertification for healthy building design.
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