CapitaLand Development, Ascendas Reit form JV for 1 Science Park Drive

CapitaLand Development, Ascendas Reit form JV for 1 Science Park Drive

CapitaLand Group’s development arm CapitaLand Development (CLD) and Ascendas Reit have formed a joint venture to invest S$883 million to redevelop 1 Science Park Drive into a life science and innovation campus as part of the multi-stage precinct rejuvenation of Singapore Science Park 1 (SSP 1).

This follows the sale of 1 Science Park Drive by Ascendas Reit to the joint venture for S$103 million. CLD owns a 66% interest in the joint venture, while Ascendas Reit owns the remaining 34%.  

With a site area of 31,856 square metres (sq m), 1 Science Park Drive occupies a prime location in SSP 1, right at the main entrance to the park and adjacent to the Kent Ridge MRT station.  The upcoming life science and innovation campus on the site will have a total Gross Floor Area (GFA) of 116,200 sq m, comprising three interconnected Grade A buildings – one 15-storey-tall and the other two 9-storey-tall – and an event plaza with retail, F&B and supporting amenities.  It will provide 112,500 sq m of business park space and 3,700 sq m for retail and F&B uses.  The gross plot ratio (GPR) of 3.6 represents a threefold intensification of the current maximum allowable GPR of 1.2. 

”Expected to be fully completed by 2025, 1 Science Park Drive caters to demand from tenants in new economy sectors such as biomedical sciences, digital and technology, which are continuing to expand in Singapore amidst a greater focus on healthcare, deep tech and accelerating digital transformation.  About 80,000 sq m or 71% of the 112,500 sq m of business park space has been designed to accommodate biomedical research and development (R&D) activities,” said the companies in a joint statement.

Jason Leow, CEO of CLD, said: “As the master developer, owner and operator of SSP 1, we have been steadily unlocking the precinct’s potential through redevelopment and land intensification initiatives, and will continue to do so in the next few years.  The redevelopment of 1 Science Park Drive is the latest milestone in this strategy, aimed at providing modern workspace solutions in a campus-style environment that will reinforce SSP 1’s position as one of the most prestigious R&D hubs in the region.  Coupled with the ongoing redevelopment of 3 Science Park Drive that will introduce a serviced residence, we are confident that SSP 1 will evolve into an even more attractive business address with vibrant work-live-play elements.”