Can Science Park Take Off As A Condo Site?

The Singapore Science Park is not the kind of place most people would think of as a place to live. Not that it’s unpleasant, mind you – it’s great as a tech hub. It’s just that the area is all business – and it’s sparse in terms of retail, entertainment, or the kind of amenities most residents want nearby. Nonetheless, CapitaLand Development has a new project in this area; and we think it’s open to debate if there’s going to be first-mover advantage here, or if this is just a long shot:

What’s happening up at Science Park?

Singapore Science Park (SSP) is a development headed up by CapitaLand, which is home to around 350 companies and labs. The location also benefits from proximity to NUS (Kent Ridge Campus), and from the nearby One-North tech and media hub. 

But CLD develops condos as well, and they’re now aiming to put up the first residential development in SSP. This will be a small (300-unit) project at 71 Science Park Drive, which was formerly a DSTA-occupied plot (the DSTA building was torn down in 2020). 

The first residential units will be under Citadines (i.e., serviced apartments), with the condo portion to follow. 

Will this be a good location for a condo? 

So far, reactions on the ground have been mixed. There’s still a good amount of skepticism regarding the area, and whether or not condo buyers here are securing some kind of first-mover advantage.

1. Proximity to NUH and NUS

SSP was built with proximity to NUS in mind, so this is a clear plus point, for anyone needing to be near it. Foreign staff working or visiting the university may also provide a good pool of tenants, and we presume this is what Citadines would be eyeing with the service apartments as well. 

For NUH though, this is a bit of a toss-up. Pure owner-occupiers generally don’t like being so close to a hospital; superstitions aside, they’re also wary of the effects of sirens and hospital-related traffic. On the flip side, landlords tend to be more appreciative of hospitals, as our healthcare sector employs a lot of foreign staff – doctors and some nurses may form a reliable pool of tenants.

Generally though, the proximity to NUH, coupled with the very purpose of SSP, seems to lean more in the direction of a rental asset than a condo for home-stay use (unless, of course, you work in any of these related places and like being so close to the office). 

2. Good MRT access in general

Kent Ridge is a convenient connection point (one stop to One-North, and two stops to Buona Vista). So while the area is light on amenities, train access does help with this; Buona Vista station is next to The Star Vista, the major mall for this area, while One-North itself does have some amenities like a supermarket and pharmacy (you can find these in Fusionopolis, attached to the train station). 

Until we see further development in SSP though, such as the larger commercial components of Geneo, residents will be heading out on this train for most of their needs. 

3. Competition from the One-North area

Probably the biggest question, for both tenants and home buyers, is why not One-North instead? 

One-North is also a tech hub with many potential tenants; and while it’s a bit further from NUS, One-North is also close to schools like ESSEC and INSEAD. And while One-North used to have a lack of accommodation, this has changed. One-North Eden, the deceptively close Normanton Park, Blossoms by the Park, The Hill @ One North, etc. may all provide viable alternatives.

The condos at One-North are a stop closer to Buona Vista and Holland V; and One-North has a head start in the amenities department (although we’ve heard the Timbre + at One-North seems a little more vacant than it used to be). 

What might really alarm some people though, however, is Normanton Park. This massive 1,800+ unit development is closer to One-North than it seems: buses right outside the condo, for example, get to Fusionopolis and the One-North MRT station in mere minutes. 

Buyers will likely be factoring these other projects into their comparisons when the Science Park offering comes up. 

4. The “ghost town” effect

The biggest concern right now is the same problem afflicting zones like Raffles Place: because the area is primarily offices, everyone leaves for somewhere else on weekends or public holidays. This results in a “ghost town” effect, where even nearby eateries or stores may decide to close early, and few activities are organised. 

CLD definitely has plans to change this, but that’s going to take a while to unfold. In the meantime, any residents here may need to get used to dull weekends, unless they head out to Holland V, or if the One-North area does pick up.

There will also be 3,600 sq m set aside for F&B and retail, but sometimes it’s not so much a matter of having the space, but also a strong curation of tenants to bring about change in the area.

Ultimately, it comes down to your faith in CLD’s ability to transform the area

JTC was behind the development of One-North, and it’s been ongoing since 2001. Yet even today, some may feel the One-North area is still not developed enough to be a “true” hot spot. That’s after some 23 years of work. 

Will that be a reflection of how long it takes CLD to implement the work-live-play vibe? Anyone eyeing this location, or thinking of first-mover advantage, will need to be very patient and settle in for the long haul. 

For more on what’s happening in the Singapore property market, follow us on Stacked. If you’d like to get in touch for a more in-depth consultation, you can do so here.