CapitaLand Development and CapitaLand Ascendas REIT complete redevelopment of 1 Science Park Drive with committed occupancy of 76%, and further 19% in advanced negotiations

CapitaLand Group (CapitaLand) has completed the $883 million redevelopment of 1 Science Park Drive. Comprising three buildings 1, 1A and 1B Science Park Drive, the property obtained Temporary Occupation Permit (TOP) on March 3. All five buildings (including 5 and 7 Science Park Drive) in the 180,600-sq m Geneo life sciences and innovation cluster at Singapore Science Park (SSP) are now operationally ready. CapitaLand Development (CLD) owns a 66% stake and CapitaLand Ascendas REIT (CLAR) holds the remaining 34% stake. 1 Science Park Drive is part of the entire Geneo Cluster. When the redevelopment was launched in June 2023, the total cost of redevelopment of the entire cluster was estimated at $1.37 billion.

The redeveloped 1 Science Park Drive has created a premium business space property with a total gross floor area (GFA) of approximately 116,200 sq m. As part of SSP’s rejuvenation and the building within the park closest to Kent Ridge MRT station, its gross plot ratio has tripled to 3.6. The transformed property comprises three interconnected Grade A buildings linked by an event plaza, and offers business space, wet-lab ready workspace, as well as retail and food and beverage (F&B) amenities. 1 Science Park Drive occupies a prime location at the main entrance of SSP and is seamlessly linked to the MRT station via an underground walkway. The development has also achieved green credentials including the Building and Construction Authority’s Green Mark Platinum rating and International WELL Building Institute’s WELL Core Gold precertification for healthy building design.

Approximately 76% of the total 103,200 sqm net lettable area (NLA) has been committed, with another 19% of space in advanced negotiations. Secured and prospective business space tenants are from a wide range of industries including biomedical sciences, pharmaceutical, financial services, chemical and technology. The property has received strong interest from reputable multinational and local companies seeking quality business space in SSP, the leading hub for research & development in Southeast Asia.

William Tay, CEO of the Manager of CLAR, said: “The successful execution and completion of the redevelopment of 1 Science Park Drive, which has attracted reputable multinational and local companies, has further strengthened the quality of CLAR’s business space and life sciences portfolio as well as enlarged our customer base in the life sciences and technology industries. The strong market reception reflects confidence in our rejuvenation strategy to future-proof our business space properties. We will continue to invest in and redevelop existing assets to optimise our portfolio of well-located and high-quality business space and life sciences properties in Singapore.” 

UOB Kay Hian says with 95% leasing milestone, CLAR trades at an attractive FY2025 DPU yield of 5.7% and has maintained a buy recommendation on the REIT.