TÜV SÜD PSB Bldg To Be Redeveloped Into S$883m Science Park
SINGAPORE – 1 Science Park Drive1, an area spanning 31,856 sq m (342,895 sq ft) that is formerly occupied by the TÜV SÜD PSB Building, is poised to be redeveloped into a life science and innovation campus, according to a press release published on Monday afternoon (15 November, SGT).
Yesterday, CapitaLand Group’s development arm CapitaLand Development (CLD) and Ascendas REIT revealed that they have formed a joint venture (JV) to invest S$883 million in the said redevelopment.
The announcement follows the sale of the site by Ascendas REIT to the JV for S$103 million. Still, the trust holds a 34 percent stake in the partnership, while CLD owns the remaining 66 percent interest.
Strategically located next to Kent Ridge MRT Station and at the primary entrance of Singapore Science Park 1, the upcoming life science and innovation campus will consist of 3 interlinked Grade A buildings: two 9-storey structures and one building with 15 levels. There will also be an event plaza that can accommodate 500 persons, plus retail, F&B and supporting amenities.
The buildings will have an overall gross floor area (GFA) of 116,200 sq m (1.25 million sq ft). Of this 112,500 sq m is in the form of business park space, while 3,700 sq m is set aside for retail and F&B uses.
Moreover, the gross plot ratio (GPR) of 3.6 represents a 3-fold intensification of the site’s existing maximum allowable GPR of 1.2.
Expected to be fully completed by 2025, 1 Science Park Drive will offer business park space intended for new economy sectors like biomedical sciences, as well as digital and technology firms. In particular, 71 percent of the 112,500 sq m business park space have been designed to cater to biomedical research and development (R&D) activities.
The redevelopment of 1 Science Park Drive is “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,” said CLD’s Chief Executive Jason Leow.
“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 SSP 1,” he added.
Meanwhile, the press release also stated that CLD is also presently redeveloping the former Franklin building in 3 Science Park Drive into a mixed-use project. Expected to be finished by 2024, the development will comprise 10,000 sq m of serviced residences and 28,818 sq m of business park space.
