Singapore Science Park (SSP) which is the research and development hub in one-north, is set to begin a new phase of development that will see an additional 1.9 million square feet in gross floor space (GFA) being added in 2025.
Geneo, a brand new $1.37 billion innovation and life sciences cluster was launched by the chief developer and operator of the park CapitaLand Development (CLD) at an event on June 26, which was attended by the Minister of Trade and Industry Gan Kim Yong.
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The launch falls on SSP’s 40th birthday. SSP that was established in 1982. was the first time it welcomed its tenant Norwegian risk management firm DNV. DNV is still a tenant of SSP along with around 350 other foreign and local companies that are a part of the 55ha park. “Over the past four years, SSP has established itself as one of Asia’s top locations to conduct R&D as well as technology.” claims Jonathan Yap CLD’s CEO. CLD.
He says the fact that 30% from the tenants are of the life science field which spans the value chain that includes incubators, venture capitalists, and accelerators for business to R&D companies. Geneo will be equipped with a custom-built infrastructure to cater to companies in the sector and will incorporate work-live-play components.
Geneo is comprised of three properties located at 1, 5 seven Science Park Drive. The property located at 1, Science Park Drive comprises three buildings connected with an event plaza with 1.2 million square feet of office space and 38,750 sq feet of shopping and F&B facilities. The development, which is a 66/34 joint partnership with CLD with CapitaLand AScendas REIT (CLAR) and CLAR, will be connected via underground with Kent Ridge MRT Station. Kent Ridge MRT Station. The project is expected to be completed by 2025.
The property located at 5 Science Park Drive is an existing business park operated by CLD that was built in the year 2019. The park has a gross floor area of 275,556 square feet and is currently home to the headquarters of Shopee, the online platform for selling products. Shopee that moved there from its former offices in Ascent the building next door located within SSP.
The property located at 7, Science Park Drive, also managed by CLD which is a mixed-use property which is scheduled to be completed by 2024. Along with 310,000 sq feet of office space and a hotel, it will also include Citadines Science Park Singapore, which is a serviced residence that has an hotel license that is operated through The Ascott, a unit of CapitaLand Investment. Its 250 key property will be the SSP’s first accommodation facility and is scheduled to open its doors for guests as of 1Q2024.
Around 861,000 square feet of the space at Geneo will be specifically designed to house biomedical research and development activities. The cluster will be home to CapitaLand’s very first co-working laboratory space located in Singapore with a the flexibility of a shared laboratory that is outfitted with standard laboratory equipment as well as infrastructure.
Seven Science Park Drive property has been awarded the BCA Green Mark Platinum Super Low Energy, the top sustainable rating given from the Building and Construction Authority. This is only the second CapitaLand greenfield project, and also it is the very only SSP property to receive the designation. In addition, two other properties within Geneo have been awarded BCA Green Mark Platinum certification. BCA Green Mark Platinum certification.
When it is completed, Geneo is expected to grow the population of SSP by 75% to 21,000 when the park is operational. This is an increase of 75% from the park’s current size of 12,000.