New Launches in 2023: CapitaLand launches new life sciences and innovation cluster at Singapore Science Park.
New launches - The NEW life sciences and innovation cluster at Singapore Science Park (SSP) was launched by CapitaLand on Monday (June 26) as part of efforts to rejuvenate the area.
The cluster – called Geneo – includes three properties at 1, 5 and 7 Science Park Drive; and will provide approximately 180,600 square meters (m2) of gross floor area (GFA) when completed in 2025. A total of S$1.37 billion has been invested in developing Geneo, of which $883 million Singapore invested in development 1, Drive Science Park.
At 1, Science Park Drive, three interconnected Grade A buildings will provide approximately 112,600 square meters of workspace and 3,600 square meters of retail, food and beverage space. CapitaLand is currently in discussions with potential tenants, the developer told The Business Times on the sidelines of the Geneo launch event.
New launches by CapitaLand Ascendas Reit (CLAR) CEO William Tay expects strong demand from tenants in new economy sectors such as biomedical science, digital and technology thanks to its prime location of the project and real estate characteristics.
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New launches - Previous reports put asking rents at $60 per square foot (psf) per year, significantly higher than current rates at Biopolis, a life sciences cluster in one-north. A CBRE report issued in March said that at life science parks in Biopolis, rents ranged from $43 to $45 per square meter in the third quarter of 2022.
Brenda Ong, executive director of logistics and industrials at Cushman and Wakefield, expects rents at Geneo to be among the highest in the Biopolis market due to the amount of wet lab-ready space in and near one side limited north.
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