Ascendas Reit, CapitaLand Development in $883 million joint venture to redevelop 1 Science Park Drive

The upcoming life science and innovation campus is expected to be fully completed by 2025. PHOTO: CAPITALAND

SINGAPORE - A life science and innovation campus focusing on new-economy sectors such as biomedical sciences, digital and technology will be built at 1 Science Park Drive.

CapitaLand Development, the development arm of CapitaLand Group, and Ascendas Reit, a member of CapitaLand Investment, have formed a joint venture to invest $883 million to redevelop the 31,856 sq m site.

This follows the sale of 1 Science Park Drive by Ascendas Reit to the joint venture for $103 million. CapitaLand Development owns a 66 per cent interest in the joint venture, while Ascendas Reit owns the remaining 34 per cent, both companies said on Monday (Nov 15).

Expected to be fully completed by 2025, the research and development and innovation hub will have a total gross floor area of 116,200 sq m, comprising three interconnected Grade A buildings.

One of the buildings will have 15 floors while the other two will have nine floors each. There will also be an event plaza with retail, food and beverage (F&B) and supporting amenities.

The space, located in Singapore Science Park 1, was previously occupied by TUV SUD PSB Building. The redevelopment will provide 112,500 sq m of business park space and 3,700 sq m for retail and F&B use.

It will have a gross plot ratio of 3.6, compared with the current maximum allowable plot ratio of 1.2.

CapitaLand and Ascendas Reit said 1 Science Park Drive will cater to tenants in new-economy sectors such as biomedical sciences, digital and technology.

These sectors are continuing to expand in Singapore amid a greater focus on healthcare, deep tech and accelerating digital transformation, both companies said.

About 80,000 sq m or 71 per cent of the total business park space has been designed to accommodate biomedical R&D activities.

Mr Jason Leow, chief executive of CapitaLand Development, said: "We are seeing resilient demand for quality business park properties in Singapore, and are encouraged that several reputable technology and biomedical R&D players have already expressed strong interest for the upcoming spaces at Singapore Science Park 1."

Mr William Tay, chief executive of the manager of Ascendas Reit, said the partnership with CapitaLand Development is a good combination of expertise.

"Singapore is an attractive investment destination for leading regional and global biomedical and technology players, and we are confident that the ongoing growth of these industry ecosystems will provide a healthy pipeline of demand for the new campus," he added.

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