To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionCapitaLand, Ascendas Reit take on $653m tech park project in Singapore
As part of the multi-stage precinct rejuvenation of Singapore Science Park 1 (SSP 1), CapitaLand Development (CLD), the development arm of CapitaLand Group, and Ascendas Reit, a member of CapitaLand Investment Limited (CLI), have formed a joint venture to invest S$883 million ($653 million) to redevelop 1 Science Park Drive into a life sciences and innovation campus.
This follows the sale of 1 Science Park Drive by Ascendas Reit to the joint venture for S$103 million ($76 million). CLD owns a 66 percent interest in the joint venture, while Ascendas Reit owns the remaining 34 percent.
Jason Leow, CEO of CLD, said, “As the master developer, owner and operator of SSP 1, we have been steadily unlocking the precinct’s potential through redevelopment and land intensification initiatives, and will continue to do so in the next few years. The redevelopment of 1 Science Park Drive is the latest milestone in this strategy, aimed at providing modern workspace solutions in a c
