CapitaLand unveils new life sciences and innovation cluster in Singapore Science Park

A NEW life sciences and innovation cluster in Singapore Science Park (SSP) was unveiled by CapitaLand on Monday (26 Jun) as part of its rejuvenation efforts for the precinct.

The cluster – known as Geneo – comprises three properties at 1, 5 and 7 Science Park Drive; and will offer about 180,600 square metres (sq m) of gross floor area (GFA) when completed in 2025. A total of S$1.37 billion was invested in the development of Geneo, out of which S$883 million went into the development of 1, Science Park Drive.

At 1, Science Park Drive, three interconnected Grade-A buildings will offer about 112,600 sq m of workspace and 3,600 sq m of retail and food and beverage amenities. CapitaLand is currently in discussions with potential tenants, the developer told The Business Times at the sidelines of Geneo’s launch event.

Chief executive of the manager of CapitaLand Ascendas Reit (CLAR) William Tay expects strong demand from tenants in new-economy sectors such as biomedical sciences, digital and technology owing to the project’s prime location and property specifications.

Previous reports have put the asking rent at US$60 per square foot (psf) per annum, significantly higher than current rates at Biopolis, a life-science cluster at one-north. At life-sciences parks in Biopolis, rents ranged between US$43 and US$45 psf as at the third quarter of 2022, a CBRE report issued in March indicated.

Brenda Ong, executive director for logistics and industrial at Cushman and Wakefield, expects rents at Geneo to be at the upper end of the Biopolis market given the limited availability of wet lab-ready spaces in and near one-north.

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The 1, Science Park Drive project – announced in 2021 – is being developed by a joint venture between CapitaLand Development (CLD) and CLAR. 

The property at 5, Science Park Drive was completed in 2019 and houses the headquarters of e-commerce company Shopee. The business park building features collaborative workspaces and lifestyle amenities with a total GFA of about 25,600 sq m.

7, Science Park Drive will be a mixed-use development housing about 28,800 sq m of workspace and 10,000 sq m of serviced residence with a hotel licence operated by The Ascott.

About 80,000 sq m of Geneo’s workspace was purpose-built to accommodate biomedical research and development activities, including specifications such as multiple floor traps for dry or wet laboratory configurations. 

The cluster will also host CapitaLand’s first coworking laboratory space in Singapore to support emerging life sciences startups.

Geneo’s design also includes sustainability features such as a distributed district cooling network and an auto-irrigation system to optimise water usage for landscaping.

The provisional design for the cluster aims to achieve energy savings of about 13 million kilowatt-hours per year – equivalent to powering the annual electricity consumption of over 3,343 four-room HDB flats, said CapitaLand. 

Citadines Science Park Singapore is slated to open in the first quarter of 2024 and offers 250 studio apartments, along with facilities such as a shared working space and a swimming pool.

CapitaLand expects SSP’s population to increase by 75 per cent to 21,000 once Geneo is fully operational, from the current 12,000.