CapitaLand Development and Ascendas Reit said in a press release on Monday (Nov 15) that 1 Science Park Drive, located next to Kent Ridge MRT station, will be redeveloped into a life science and innovation campus for S$883 million by 2025.
CapitaLand Development and Ascendas Reit have formed a joint venture to jointly redevelop the site, which was previously occupied by TUV SUD PSB.
Ascendas Reit sold 1 Science Park Drive to the joint venture for S$103 million. The press release stated that CapitaLand Development holds a 66% stake in the joint venture, while Ascendas Reit owns the remaining 34%.
The press release stated that 1 Science Park Drive is the latest asset to be developed under the multi-stage rejuvenation plan for Science Park 1.
The release added that eight older buildings in the park have been redeveloped, including the former Mendel, Maxwell, Pascal, and Pasteur buildings.
After redevelopment, the new life science and innovation campus will have a total gross floor area of 116,200 square meters, comprising three interlinked Grade A buildings.
One of the buildings will be 15 storeys high, while the other two will each have nine storeys.
The press release stated that the campus will also feature an event plaza with retail, food and beverage (F&B) outlets, and supporting amenities. The event plaza can accommodate 500 people, including an amphitheatre with a capacity for 300.
The press release said: “(The site) will offer 112,500 square meters of business park space and 3,700 square meters for retail and F&B use.”
The new campus will have a gross plot ratio of 3.6, compared to the current maximum allowable plot ratio of 1.2.
The press release stated that the redeveloped 1 Science Park Drive will cater to the “demands of tenants in new economy sectors” such as biomedical sciences, digital, and technology.
These sectors are continuously expanding amid Singapore’s increased focus on healthcare, deep tech, and accelerated digital transformation.
Approximately 80,000 square meters (71% of the entire business park space) is designed for biomedical research and development (R&D) activities.
Mr. Jason Leow, CEO of CapitaLand Development, said the company has been “steadily unlocking the potential” of Singapore’s Science Park 1 through redevelopment and land intensification initiatives. CapitaLand Development is the development arm of CapitaLand Group.
Mr. Leow said: “The redevelopment of Science Park 1 is the latest milestone in this strategy, aiming to provide modern workspace solutions in a campus-style environment, reinforcing Science Park 1’s position as one of the most prestigious R&D hubs in the region.”
The press release mentioned that CapitaLand Development is also currently redeveloping the former Franklin building at 3 Science Park Drive into an integrated development.
The project, expected to be completed in 2024, will feature 28,818 square meters of business park space and 10,000 square meters of serviced residence.
Mr. William Tay, CEO of the Manager of Ascendas Reit, said: “We are building for the future. The partnership with CapitaLand Development will combine our expertise to jointly define the next generation of business spaces in Science Park 1, and meet the needs of tenants with a sustainability mindset.”
Mr. Tay added: “For leading regional and global biomedical and technology companies, Singapore is an attractive investment destination. We believe that the continued growth of these industry ecosystems will provide a healthy demand pipeline for the new campus.”
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