Investors awaken to life-sciences real estate's recession-proof status
Leasing activity for this class of assets in the Asia-Pacific grew 17.4% year on year as vaccine makers sought real estate to test, produce and store vaccines.
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THE life-sciences sector remains in the global spotlight due to ongoing healthcare challenges brought on by the pandemic. The development of new vaccines and effective treatments for Covid-19 are also creating more demand for life-sciences properties among investors.
Singapore, which ranks among the top 5 life-science hubs in the Asia-Pacific, is developing new infrastructure to attract pharmaceutical companies to set up manufacturing operations in the republic.
Most recently, it was announced that 1 Science Park Drive would be redeveloped at a cost of S$883 million. Expected to be fully completed by 2025, the site will provide 112,500 square metres of business park space and will cater to demand from sectors such as biomedical sciences.
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