The Roles of Business Parks Are Changing, and Living in One Is Becoming a New Trend. What Are the Shifts?

Business Parks in Singapore – What and Where Are They?

In the late 1970s, the Singapore government envisioned a hub for scientific innovation and technology, bringing together science, research, and industry. This aimed to attract global research and development (R&D) firms to create a thriving ecosystem and promote industrial growth in the sciences. Having business parks where firms in the same or similar industries can cluster for closer collaboration, can yield synergistic benefits in a supportive environment.

Therefore, the Jurong Town Corporation (JTC) unveiled a blueprint to develop a science complex aimed at advancing the nation’s research and development (R&D) efforts in 1979. A new business park to agglomerate firms in the life science industry was formed – named Singapore Science Park.

Strategically located in Kent Ridge, near the National University of Singapore (NUS) to foster stronger industria-academia collaborations, it was opened in 1984. As part of broader expansion plans, Science Park 2 was developed in 1993 on a new site along Pasir Panjang Road.

Singapore Science Park has been developed, managed and run by Ascendas. They are the industrial arm of Capitaland, a renowned property developer in Singapore. Currently, it is home to 350 multinational and local firms, including start-ups and laboratories. Notable tenants include Defence Science Organisation (DSO) National Laboratories, Shopee, MERCK, Avaya, and Refinitiv.

There are no homes within Science Park, with the closest being 1,862-unit Normanton Park, which lies on its eastern edge. Initially built in 1977, it was sold en-bloc in 2017 and relaunched in 2021, under the same name. The first residential development within Science Park, Lyndenwoods, will be launched in 2H 2025.

Image 1: Map of Singapore Science Park 

Source: OneMap, ERA Research and Market Intelligence

The Role of the Master Developer

Ascendas (and Capitaland) has effectively played the role of a ‘master developer’. As part of ongoing rejuvenation efforts, they have just completed its latest development, Geneo, which spans over 180,000 sqm of gross floor area. Completed in March 2025, Geneo integrates work-live-play elements in its five buildings. The development includes purpose-built infrastructure to support biomedical R&D, office and retail spaces, a serviced apartment, and open community spaces such as an event plaza and an outdoor fitness corner.

By being a ‘master developer’ that manages the estate, they are incentivised to inject amenities and ‘life’ and not just workspaces. A vibrant community adds to the appeal of firms wanting to locate there. Workers play a key role in ensuring firms remain profitable. With ample amenities that cater to their needs and a strong sense of community, it helps ensure a lower employee turnover rate. This stable workforce will help keep rents and occupancy up.

The retail podium of Geneo that will provide lifestyle amenities

The Liveability and Lifestyle Factor

A common misconception is that living in a business park entails a lack of lifestyle. Seen as a workplace predominantly, it comes with a fair assumption that it lacks amenities and ‘life’ beyond workers’ “9-to-6” grind. However, this isn’t the case with Science Park. This comes largely due to the effectiveness of Ascendas/Capitaland’s role as the estate’s developer/manager. By curating the right mix of amenities and public spaces, a pleasant community-centric environment has been created.

Many other business parks also do not have direct MRT access. For Science Park, Geneo  is directly connected to Kent Ridge MRT Station on the Circle Line, where residents, employees and visitors can all enjoy the convenience. Kent Ridge Station is just two stops to Buona Vista Interchange, three stops to Holland Village and five stops to Harbourfront and Botanic Gardens Interchange. Moreover, the sixth and final stage of the Circle Line is slated for completion in the first half of 2026. This effectively ‘closes the loop’ on the line, making it more accessible for commuters.

Apart from Geneo, Kent Ridge MRT Station is also directly connected to One@Kent Ridge, the six-storey retail wing of National University Hospital (NUH) Medical Centre. Moreover, it is also rare for business parks to be situated beside nature parks. Science Park, however, lies beside both Kent Ridge Park and the Southern Ridges Park Connector.

The Investment Potential of Homes Near and Within Business Parks

While considered to be within the greater one-north community, Science Park may have gotten less attention due to its smaller scale and more specialised industry clusters. However, being built on a smaller scale makes it considerably more accessible to transport nodes and amenities than some developments.

As mentioned earlier, there are no homes within Science Park, with the redeveloped Normanton Park being the closest option. This could present a potential issue. Upon Geneo’s full completion, Capitaland expects the total working population in Science Park to reach about 21,000, up from 12,000 currently. Does this mean a shortage of homes in the estate?

Due to the current shortage, owners who have bought and sold units at Normanton Park upon completion have made substantial profits. This is despite Normanton Park not being within the Science Park, or any transport nodes. Of the 98 sub-sale transactions thus far (equivalent to 5.3% of units sold since Normanton Park’s completion), 95 of them were profitable. On average, owners have made a profit of $259,000.

Table 1: Top 5 most profitable transactions at Normanton Park

Source: URA as of 28 May 2025, ERA Research and Market Intelligence

Rental demand for homes in Science Park is also expected to be strong. In addition to those working there, employees from NUS and NUH may prefer to live nearby for convenience. Professionals based in one-north could also consider Science Park, especially if it offers easy access to amenities and the MRT. The tenant pool may further expand to include expatriates involved in research, academia, or medical fields.

Chart 1: Rentability and Median Rent per square foot (psf) at Normanton Park

Source: URA as of 28 May 2025, ERA Research and Market Intelligence

While the development is sizable, there have been 1,430 units rented out till date, just under 20 months since completion. Taking reference to Normanton Park, investors seeking passive income could see homes in Science Park as an opportunity to earn an approximate rental yield of 4.0% upon completion.

Table 2: Rental Yield of Normanton Park

Source: URA as of 28 May 2025, ERA Research and Market Intelligence

*Rental yield calculated by the median rent psf/median new sale price psf X 12 months

Artist impression of Lyndenwoods, located within Science Park

The First Development in Singapore Science Park – Lyndenwoods

As with many aspects of life, adapting to changing needs is essential. Gone are the days when business parks and industrial estates were just one dimensional 9-to-6 zones. They have now evolved to be part of dynamic integrated mixed-use estates.

Bringing homes nearer to workplaces can help to attract and retain the workforce needed to support businesses. Thus, there is a growing need for urban planners and developers to recognise and respond to evolving lifestyle demands. This is especially important in land-scarce Singapore, where land use strategies must be carefully calibrated to maximise potential.

Furthermore, beyond the physical infrastructure, the human aspect of design is just as crucial. This is where CapitaLand, as master developer, has played a pivotal role in shaping Singapore Science Park. Hence, in May 2024, CapitaLand submitted plans to redevelop a vacant site at 71 Science Park Drive as part of its broader, multi-stage strategy to transform the 55-hectare Science Park into a holistic work-live-play innovation district. It will feature 343 units in its two towers, that will rise above the surrounding lush greenery. Lyndenwoods, an upcoming development situated in Science Park, will feature direct access to Kent Ridge MRT station via a fully-sheltered passageway that will provide convenience. In the same vein, the ample retail options and natural spaces surrounding the development will also contribute to its livability for both tenants and owner-occupiers.

For those seeking lifestyle, while prioritising convenience and nature, Lyndenwoods could be a viable option. If you are interested to know more about what the Science Park has to offer, speak to any ERA Trusted Advisor today to find out more!

Disclaimer

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