Geneo will increase Singapore Science Park’s gross floor area by about 1.9 million square feet

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Read more: The freehold, three-story shophouse costs around $5,843 per square foot

The freehold, three-story shophouse costs around $5,843 per square foot

Singapore Science Park (SSP) which is the research and development hub in one-north, is set to start a new development phase which will see more than 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 as well as park manager CapitaLand Development (CLD) at an event on June 26, which was attended by the Minister of Trade and Industry Gan Kim Yong.

The event is scheduled to coincide with its 40th year anniversary. SSP which was founded in 1982 and was the first time it welcomed its tenant Norwegian risk management firm DNV. DNV is still a tenant at SSP along with around 350 other foreign and local businesses occupying the park’s 55ha. “Over the past four years, SSP has established itself as one of Asia’s most sought-after locations in terms of R&D as well as technology.” declares Jonathan Yap CLD’s CEO. CLD.

He also states the fact that 30% from the tenants are in the biosciences industry that spans the entire value chain that includes incubators, venture capitalists, and accelerators for business to R&D companies. Geneo will be equipped with a custom-built infrastructure that caters to the sector and will incorporate work-live-play components.

Geneo includes three properties located at 1, 5 and 7. Science Park Drive. The property located at 1, Science Park Drive will be comprised of three buildings that are connected with an event plaza which will offer 1.2 million square feet of office space and 38,750 sq feet in retail space and F&B facilities. The development, which is a 66/34 joint partnership that is a joint venture between CLD as well as CapitaLand Ascendas REIT (CLAR) is expected to be connected via underground with Kent Ridge MRT Station. Kent Ridge MRT Station. The project is expected to be completed by the year 2025.

The property located at 5 Science Park Drive is an existing business park operated by CLD which was constructed 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 and was relocated from its former offices in Ascent which is a building that is adjacent located within SSP.

The property located at 7, Science Park Drive, also managed by CLD and CLD, is a mixed-use property which is scheduled to be completed by 2024. Along with 310,000 sq feet of office space the property will include Citadines Science Park Singapore, which is a serviced residence that has the hotel licence that is managed through The Ascott, a unit of CapitaLand Investment. Its 250 key property will be the SSP’s first hotel and is set to open its doors for guests as of 1Q2024.

About 861,000 sq feet of the space at Geneo will be specifically designed for biomedical research and development. Additionally, the cluster will be home to CapitaLand’s very first co-working lab space in Singapore with a the flexibility of a shared laboratory that is outfitted with standard laboratory equipment and 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 one of the very first CapitaLand greenfield project, and also one of the only SSP property to receive the designation. The other two properties within Geneo have received this BCA Green Mark Platinum certification.

When it is completed, Geneo is expected to boost the SSP’s population by up to 75% up to 21,000 once the cluster is operational. This is an increase of 75% from the park’s current size of 12,000.