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 a press release dated April 1, the property comprises three buildings — 1, 1A and 1B Science Park Drive — and obtained its temporary occupation permit (TOP) on March 3.

Jointly owned by CapitaLand Development (CLD; 66%) and CapitaLand Ascendas REIT (CLAR; 34%), the redeveloped property is comprised of a 15-storey tower, two 9-storey blocks and retail shops linked by an event plaza and a shared basement carpark.

The property spans a total gross floor area of about 1.25 million sq ft. This includes a net lettable area of about 1.06 million sq ft of business space and 43,960 sq ft of retail space.

According to CapitaLand, approximately 76% of the total net lettable area has been committed, with another 19% of space under advanced negotiations.

Secured and prospective business space tenants come from industries such as biomedical sciences, pharmaceutical, financial services, chemical and technology.

The retail podium is slated to open this month, offering dining options including a food court and restaurants like BreadTalk, Din Tai Fung, Putien, Swensen’s Unlimited, Subway, and Toast Box.

“The strong market reception reflects confidence in our rejuvenation strategy to future-proof our business space properties,” says William Tay, CEO of CLAR. “We will continue to invest in and redevelop existing assets to optimise 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 operationally ready.

“The completion of 1 Science Park Drive marks a significant milestone in CapitaLand’s multi-stage rejuvenation of SSP,” says Ronald Tay, CEO of CLD Singapore.

He adds: “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 occupies a prime location at the main entrance of SSP. The property 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.