SINGAPORE: 1 Science Park Drive, located next to Kent Ridge MRT station, is set to be redeveloped into a life science and innovation campus for S$883 million by 2025, said CapitaLand and Ascendas Reit in a news release on Monday (Nov 15).
CapitaLand Development and Ascendas Reit have formed a joint venture to redevelop the space, which was previously occupied by TÜV SÜD PSB Building.
This comes after the space was sold by Ascendas Reit to the joint venture for S$103 million. CapitaLand Development owns a 66 per cent interest in the joint venture, while Ascendas Reit owns the remaining 34 per cent, the news release said.
1 Science Park Drive is the latest property to be developed under the “multi-stage precinct rejuvenation” for Singapore Science Park 1, the news release said.
Eight older buildings in the park have been redeveloped to date, including the former Mendel, Maxwell, Pascal and Pasteur buildings, the release added.
When redeveloped, the new life science and innovation campus on the site will have a total gross floor area of 116,200 sq m, comprising three interconnected Grade A buildings, the release said.
One of the buildings will have 15 floors while the other two will have nine floors each.
The campus will also have an event plaza with retail, food and beverage (F&B) and supporting amenities, the news release said. The event plaza can accommodate 500 people, including an amphitheatre that can seat up to 300.
“(The site) will provide 112,500 sq m of business park space and 3,700 sq m for retail and F&B uses,” the release said.
The new campus will have a gross plot ratio of 3.6, compared with the current maximum allowable plot ratio of 1.2.
Artist’s impression of an aerial view of 1 Science Park Drive. (Photo: CapitaLand)
The redeveloped campus will cater to “demand from tenants in new economy sectors” such as biomedical sciences, digital and technology, the news release said.
These sectors are “continuing to expand in Singapore amid a greater focus on healthcare, deep tech and accelerating digital transformation”.
About 80,000 sq m or 71 per cent of the entire business park space has been designed to accommodate biomedical research and development (R&D) activities.
CapitaLand Development, which is the development arm of the CapitaLand Group, has been “steadily unlocking” the Singapore Science Park 1’s “potential” through redevelopment and land intensification initiatives, its chief executive officer Mr Jason Leow said.
“The redevelopment of 1 Science Park Drive is the latest milestone in this strategy, aimed at providing modern workspace solutions in a campus-style environment that will reinforce Singapore Science Park 1’s position as one of the most prestigious R&D hubs in the region,” Mr Leow said.
CapitaLand Development is also currently redeveloping the former Franklin building at 3 Science Park Drive into an integrated development, said the news release.
Targeted for completion by 2024, the development will have 28,818 sq m of business park space and 10,000 sq m of serviced residence.
Mr William Tay, chief executive officer of the manager at Ascendas Reit said: “We are building for the future and the partnership with CapitaLand Development will combine our expertise to jointly define the next generation of business space in Singapore Science Park 1 and meet the needs of sustainability-minded tenants.”
“Singapore is an attractive investment destination for leading regional and global biomedical and technology players, and we are confident that the ongoing growth of these industry ecosystems will provide a healthy pipeline of demand for the new campus,” Mr Tay added.
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CapitaLand Development and Ascendas Reit have formed a joint venture to redevelop the space, which was previously occupied by TÜV SÜD PSB Building.
This comes after the space was sold by Ascendas Reit to the joint venture for S$103 million. CapitaLand Development owns a 66 per cent interest in the joint venture, while Ascendas Reit owns the remaining 34 per cent, the news release said.
1 Science Park Drive is the latest property to be developed under the “multi-stage precinct rejuvenation” for Singapore Science Park 1, the news release said.
Eight older buildings in the park have been redeveloped to date, including the former Mendel, Maxwell, Pascal and Pasteur buildings, the release added.
When redeveloped, the new life science and innovation campus on the site will have a total gross floor area of 116,200 sq m, comprising three interconnected Grade A buildings, the release said.
One of the buildings will have 15 floors while the other two will have nine floors each.
The campus will also have an event plaza with retail, food and beverage (F&B) and supporting amenities, the news release said. The event plaza can accommodate 500 people, including an amphitheatre that can seat up to 300.
“(The site) will provide 112,500 sq m of business park space and 3,700 sq m for retail and F&B uses,” the release said.
The new campus will have a gross plot ratio of 3.6, compared with the current maximum allowable plot ratio of 1.2.
Artist’s impression of an aerial view of 1 Science Park Drive. (Photo: CapitaLand)
The redeveloped campus will cater to “demand from tenants in new economy sectors” such as biomedical sciences, digital and technology, the news release said.
These sectors are “continuing to expand in Singapore amid a greater focus on healthcare, deep tech and accelerating digital transformation”.
About 80,000 sq m or 71 per cent of the entire business park space has been designed to accommodate biomedical research and development (R&D) activities.
CapitaLand Development, which is the development arm of the CapitaLand Group, has been “steadily unlocking” the Singapore Science Park 1’s “potential” through redevelopment and land intensification initiatives, its chief executive officer Mr Jason Leow said.
“The redevelopment of 1 Science Park Drive is the latest milestone in this strategy, aimed at providing modern workspace solutions in a campus-style environment that will reinforce Singapore Science Park 1’s position as one of the most prestigious R&D hubs in the region,” Mr Leow said.
CapitaLand Development is also currently redeveloping the former Franklin building at 3 Science Park Drive into an integrated development, said the news release.
Targeted for completion by 2024, the development will have 28,818 sq m of business park space and 10,000 sq m of serviced residence.
Mr William Tay, chief executive officer of the manager at Ascendas Reit said: “We are building for the future and the partnership with CapitaLand Development will combine our expertise to jointly define the next generation of business space in Singapore Science Park 1 and meet the needs of sustainability-minded tenants.”
“Singapore is an attractive investment destination for leading regional and global biomedical and technology players, and we are confident that the ongoing growth of these industry ecosystems will provide a healthy pipeline of demand for the new campus,” Mr Tay added.
Continue reading...