The redevelopment of 1 Science Park Drive into a life science and innovation campus will cost $833 million. Source: CapitaLand
CapitaLand Development (CLD) has formed a joint venture with Ascendas REIT for the $833 million redevelopment of 1 Science Park Drive into a life science and innovation campus.
This comes after Ascendas REIT sold 1 Science Park Drive for $103 million to the joint venture.
CLD holds a 66% interest in the joint venture, while the remaining 34% is owned by Ascendas REIT.
1 Science Park Drive occupies a 31,856 sq m site located right at the main entrance of Singapore Science Park 1 (SSP 1), adjacent to the Kent Ridge MRT station.
With a total gross floor area (GFA) of 116,200 sq m, 1 Science Park Drive will feature three interconnected Grade A buildings, one of which will have 15 floors and the other two will have nine floors each.
The upcoming life science and innovation campus will also have an event plaza with retail, food and beverages (F&B) and supporting amenities.
“It will provide 112,500 sq m of business park space and 3,700 sq m for retail and F&B uses,” said CLD and Ascendas REIT in a release.
“The gross plot ratio (GPR) of 3.6 represents a threefold intensification of the current maximum allowable GPR of 1.2,” they added.
Set to be completed by 2025, the campus will cater “to demand from tenants in new economy sectors such as biomedical sciences, digital and technology, which are continuing to expand in Singapore amidst a greater focus on healthcare, deep tech and accelerating digital transformation”.
In fact, 71% or 80,000 sq m of the business park space has been set aside for biomedical research and development (R&D) activities.
“As the master developer, owner and operator of SSP 1, we have been steadily unlocking the precinct’s potential through redevelopment and land intensification initiatives, and will continue to do so in the next few years,” said CLD CEO Jason Leow.
He shared that 1 Science Park Drive’s redevelopment is the latest milestone in such strategy – which is targeted at providing modern workspace solutions within a campus-style environment which will reinforce the position of SSP 1 as one of the region’s most prestigious R&D hubs.
William Tay, CEO of Ascendas REIT’s manager, said: “We are building for the future and the partnership with CLD will combine our expertise to jointly define the next generation of business space in SSP 1 and meet the needs of sustainability-minded tenants.”
With Singapore an attractive investment destination for leading global and regional technology and biomedical players, he is confident that the “ongoing growth of these industry ecosystems will provide a healthy pipeline of demand for the new campus”.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com.