CapitaLand Ascendas Reit completes S$883 million redevelopment of Science Park project
All five buildings in the 180,600 square metre Geneo cluster are now operationally ready
[SINGAPORE] CapitaLand Group has completed its S$883 million redevelopment of 1 Science Park Drive, a property situated in Geneo, the life sciences and innovation cluster in Singapore Science Park (SSP).
With the completion of its redevelopment, all five buildings in the 180,600 square metre (sq m) Geneo cluster are operationally ready, said the manager of CapitaLand Ascendas Reit (Clar) on Tuesday (Apr 1).
Ronald Tay, chief executive of CapitaLand Development (Singapore), said: “The completion of 1 Science Park Drive marks a significant milestone in CapitaLand’s multi-stage rejuvenation of SSP.”
William Tay, CEO of Clar’s manager, said the execution and completion of the redevelopment of 1 Science Park Drive has further strengthened the quality of Clar’s business space and life sciences portfolio, as well as enlarged its customer base in the life sciences and technology Industries.
Jointly owned by CapitaLand Development – the development arm of CapitaLand Group which holds a 66 per cent stake in the property, and Clar, which holds a 34 per cent stake, the redeveloped property has premium business space with a total gross floor area of around 116,200 sq m and a gross plot ratio of 3.6.
It comprises three interconnected Grade A business space buildings linked by an event plaza, and offers business space, wet-lab ready workspace, as well as retail and food and beverage amenities. The three buildings are a 15-storey block – 1 Science Park Drive, and two nine-storey blocks – 1A Science Park Drive and 1B Science Park Drive.
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The property occupies a prime location at the main entrance of SSP, and is connected to the MRT station through an underground walkway.
It has achieved green credentials including the Building and Construction Authority’s Green Mark Platinum rating and International Well Building Institute’s Well Core Gold pre-certification for healthy building design.
“The property has received strong interest from reputable multinational and local companies seeking quality business space in SSP, the leading hub for research and development in South-east Asia,” said the manager of Clar.
Around 76 per cent of its total 103,200 sq m net lettable area – which comprises 99,074 sq m of business space and 4,084 sq m of retail space – has been committed. There are currently advanced negotiations for another 19 per cent of its space.
Its secured and prospective business space tenants range from industries such as biomedical sciences, pharmaceutical, financial services, chemical and technology.
CapitaLand Development is a developer that focuses on core markets of Singapore, China and Vietnam. With a portfolio worth S$21.5 billion as at Dec 31, 2024, its real estate development capabilities span asset classes such as integrated developments, retail, office, lodging, residential, business parks, industrial, logistics and data centres.
Clar is a business space and industrial real estate investment trust that focuses on tech and logistics properties in developed markets. As at Dec 31, 2024, its investment properties under management stood at S$16.8 billion. It owns 229 properties in Singapore, the US, Australia and the UK/Europe, primarily across three segments of business space and life sciences, industrial and data centres, as well as logistics. It is managed by CapitaLand Ascendas Reit Management, a wholly owned subsidiary of global real asset manager CapitaLand Investment.
Units of Clar ended Friday S$0.01 or 0.4 per cent higher at S$2.67.
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