Normanton Park Review Part 1
Integrated Development Of Office, Retail & Food Outlets
The Rise of Greater one-north
1st Astronomical Transformation
Latest Update 17 Nov 2021 –
Life Science, innovation campus coming up at 1 Science Park Drive.
Ascendas Reit, member of CapitaLand Investment Limited (CLI) has forged a joint venture with CapitaLand Development (CLD), the development arm of CapitaLand Group, to invest S$883 million to redevelop 1 Science Park Drive into a life science and innovation campus. Ascendas Reit, owns 34 per cent while CLD owns the remaining 66 per cent interest in the joint venture. Scheduled to be fully completed by 2025, the new campus will comprise 3 interconnected Grade A buildings – a 15-storey tall building and 2 9-storeystall. There will be an event plaza with 3,700 sq m of retail, food & beverage outlets and supporting amenities. Approximately 80,000 sq m, or 71 per cent of the 112,500 sq m of business park space, has been designed to accommodate biomedical research andde velopment (R&D) activities. The 1 Science Park Drive property sits on a site area of 31,856 sq m and has a current maximum allowable gross plot ratio (GPR) of 1.2. The upcoming life science and innovation campus on the site will have a total gross floor area (GFA) of 116,200 sq m with a maximum allowable GPR of 3.6. With the ongoing redevelopment of 3 Science Park Drive which will introduce a serviced residence, 1 Science Park will evolve into an even more attractive business address with vibrant work-live-play elements.
Greater one-north encompasses Science Park and one-north, which is a subzone and business park located in Queenstown, Singapore. The park was developed for the R&D and high technology cluster, comprising biomedical sciences, infocomm technology (ICT) and media industries. Normanton Park sits next to Science Park and in the sweet spot between Greater one-North and Greater Southern Waterfront. For the sharp-eyed property buyer who is looking for a profitable investment, Normanton Park gives a first-mover advantage to the impending transformational wave of Buona Vista’s development as a Regional CBD.
While enjoying its status as the Regional Business District, Buona Vista/one-North area has gradually become recognised as the Regional CBD. How big is this area? This is a behemoth “high tech-playground“, measuring approximately 2km from end to end. Putting in context, that is equivalent to the distance between City Hall and Tanjong Pagar. This is also the one and only hub in Singapore, which houses several specialty tech, clusters such as Biopolis, Mediapolis and Fusionopolis.
In fact, just trailing behind CBD, Buona Vista and its clusters now form the second-largest high-skilled employment node in Singapore. Acclaimed mega tech companies such as GSK and Grab and more recently, Razer and Shopee have decided to set up their headquarters here, following in the footsteps of P&G and Shell. Most importantly, with the launch of Singapore IP Strategy (SIPS) 2030 to guide the building of Singapore as a global IP hub, such move will only continue to attract big conglomerates to Buona Vista, further expanding the recruitment of highly-skilled talents made up both locals and expats.
Boosting more activities to this Buona Vista includes Rochester Commons by Capitaland. It will be Singapore’s first campus-style integrated development featuring 19,000 square metres (sq m) of Grade A office space, a 135-room business hotel, as well as retail and dining amenities when completed in 2021. It also houses CapitaLand’s learning hub Catapult, Southeast Asia’s first shared executive learning centre. Such campus-style project will further enhance the habitability of the area and create more demand for condos.
Speaking of campuses, the area is also known for its concentration of reputable institutions, which brings us to Dover Knowledge District. The National University of Singapore (NUS) is located in the vicinity, along with many international schools that attract a large expat population to the Dover and Buona Vista area.
Within a 0.5 km range from Normanton Park, there is no new residential project. Normanton Park is the only residential development along Science Park Drive. Therefore, it is expected to appeal to both owner occupiers and investors, given the potential rental pool of those working in Science Park 1 and 2, as well as Biopolis, Fusionopolis and Mediapolis at one-north.
According to Urban System Studies “One-north: Fostering Research, Innovation and Entrepreneurship”, the innovation district was not planned in isolation. Queenstown, where one-north is sited, has a planning area of 600 hectares (6 sqkm) and provides more than 120,000 jobs, accounting for 5% of Singapore’s employment. One-north was to be connected with the wider region by creating relationships with the National University Hospital (NUH) and National University of Singapore (NUS), the existing Science Park, Dover Knowledge District, Queensway and the surrounding mature housing estates.
one-north - World class high tech R&D hub
Besides being a R&D Hub, one-north also aims to create a community where expatriates and locals can gather to live, work and relax together. As such, one-north will not only be a government project, but also one where private sectors contribute to provide the social and recreational amenities for the people working and living there.
Spanning across the entire Science Park is 557,400sqm (or 5,999,853 sqft) of commercial space and 793,927 sqm (85,458,300 sqft) of business space. It is home to a vibrant community of about 50,000 knowledge workers, researchers, entrepreneurs and students.
Science Park - Asia’s most prestigious address for R&D and technology development
Welcome to Singapore’s very own Silicon Valley – Science Park 1 and 2.
This park is part of the vibrant Greater one-north community together with notable neighbours, including the National University of Singapore (NUS), National University Hospital (NUH) and the one-north development. In 2019, the excitement was evident in Science Park when SEA Ltd‘s giant ecommerce arm, Shopee, unveiled its spangly new Regional HQ that could house up to 3000 employees.
As of 2020, NUS alone accounts for approximately 54,900 students and staff, while NUH has 8,271 staff.
Singapore - The preferred place for regional headquarters
In 2019, Singapore’s tech scene was dominated by some heavyweight tech companies’ relocation to Singapore. Such tremendous attraction even surpasses Hong Kong as the most preferred place for top tech MNC firms to set up regional HQs. Grab, the leading everyday super app in Southeast Asia, set up its largest R&D centre and new HQ in one-north that will house up to 3,000 employees. Razer’s new Southeast Asia headquarters will officially open in one-north technology business park in the second quarter of 2021 with over 1,000 employees.
Even Dyson, the company well-known for its hair dryers, bladeless fans and bagless vacuum cleaners, has decided to relocate its corporate head office to Singapore to “reflect the increasing importance of Asia” to its business.
Strategically located in the heart of Southeast Asia and coupled with business-friendly reputation and strong fundamentals, it is easy to see why large influx of tech titans continue to make Singapore their regional headquarters.
Also, according to recent graduate employment salary surveys, 8 out 21 high-paying jobs for graduates are found to be from tech positions.