CapitaLand Ascendas REIT Management eyes R&D facility in Singapore

CapitaLand Ascendas REIT Management is planning to acquire The Shugart, an integrated high-specification research and development (R&D) facility and business park property in Singapore, from Seagate Singapore International Headquarters. The purchase consideration for the proposed acquisition is S$218.24 million ($165 million).

Situated in the Ayer Rajah cluster of the one-north district in Singapore, the R&D property consists of a six-story podium and a nine-story tower. Its specifications include R&D, clean room and data center space for Seagate Singapore’s operations. Other features include a sky garden, a multipurpose sports hall and a gymnasium for its employees.

The one-north district was developed by JTC Corporation as a research and innovation business hub fostering R&D and high-technology activities in biomedical and life sciences, infocomm technology, media, science and engineering. Established as the epicenter of Singapore’s knowledge-base