The asset occupies a site area of 31,856 sqm and when redeveloped, will have a “life science and innovation campus” with a total gross floor area of 116,200 sq m which will comprise of three interconnected Grade A buildings.
Ascendas REIT will redevelop 1 Science Drive in a joint venture with CapitaLand Development (CLD), with a total cost estimated at $883 million.
The process will start with A-Reit selling the asset into a joint venture for $103 million, which is 34% and 66% held by A-REIT and CLD respectively.
