CapitaLand to launch LyndenWoods condo in Singapore Science Park with prices from S$2,200 psf
This will be the developer’s first residential project in the Buona Vista business park; it plans to roll out one or two more
[SINGAPORE] CapitaLand Development (CLD) will soon start previews for its LyndenWoods condominium – the first residential project launched in the Singapore Science Park – with prices starting at S$2,200 per square foot (psf).
Located along Science Park Drive in District 5, the 99-year leasehold development houses 343 units across two 24-storey blocks. It spans a total land area of 11,556.9 square metres, with a gross floor area of 31,730.4 sq m.
Two-bedders – spanning 635 to 883 square feet (sq ft) and accounting for 67 per cent of units – are priced from S$1.39 million. The indicative price starts at S$2.35 million for three-bedders sized 1,023 to 1,292 sq ft; and S$3.58 million for four-bedders sized 1,647 sq ft.
Speaking to The Business Times, CLD (Singapore) chief executive officer Ronald Tay said that LyndenWoods is the first residential component the developer was introducing into Singapore Science Park – but it will not be its last.
In the next phase of the area’s rejuvenation, CLD intends to introduce another one or two more residential projects.
“When the whole (estate) is fully rejuvenated, it will be around 75 per cent business park, about 20 per cent residential, and the rest commercial retail,” noted Tay. Previously, the area was fully zoned for business park use.
Discussions are ongoing with authorities on potential land rezoning, he added. With LyndenWoods, for instance, discussions to rezone it from a business park to residential use took some time.
The condo’s launch will kick-start the second phase of CLD’s rejuvenation of Singapore Science Park, to create vibrant “work-live-play neighbourhoods”, said Tay. Overall, the aim is to create a 50,000 work-live-play community.
The previous phase saw the development of the Geneo life science and innovation cluster in the 55-hectare business park. Investments totalled at around S$1.4 billion.
“If you want people to work and live there, you need to provide commercial amenities too,” he explained. “Phase 1 took 10 years; hopefully we can complete everything (else) in the next 10 years.”
“The good thing is that this is our land – we don’t have to go and bid for (residential) land, like with the government land sales programme,” Tay added. “We can also time the market a little better, in accordance with demand and supply, or Singapore’s general economic conditions.”
While LyndenWoods is a test case for other residential projects in Singapore Science Park, Tay is optimistic about its performance.
“Gone are the days where you see every project sell well over the launch weekend,” he said. “Singapore buyers know what they want… That is why it was important for us to choose the right attributes for LyndenWoods.”
Not only is the project located close to the city centre and other green spaces, Tay said there is a strong demand given its proximity to the National University of Singapore and National University Hospital.
The closest residential development in the area is the 99-year leasehold Normanton Park, which launched for sale in January 2021. The 1,862-unit project sold nearly a third of its units at S$1,750 psf then, before completely selling out in July 2022.
Caveats data showed 38 Normanton Park sub-sales in the year thus far, at a median price of S$2,085 psf. Most recently on Jun 17, a 667 sq ft unit changed hands at S$1.3 million or S$1,918 psf.
Buyers are likely to be those purchasing for their own-stay or investors such as international students studying or employees working in the area, said Tay.
Tay is also confident in CLD’s ability in building integrated developments, “putting all the different jigsaw pieces together to create a vibrant community”.
He added that such residential and commercial opportunities exist beyond Singapore Science Park, given CapitaLand’s entire ecosystem. “There are potential opportunities in places such as Changi as well, which is also a business park. A lot of them also need serious rejuvenation… and they are already in our land bank.”
Previews for LyndenWoods will begin on Jun 28, with sales bookings commencing on Jul 12.
