Developers are expected to show keen enthusiasm towards The Altura EC Bukit Batok West Avenue 8, since it has been included in the 2021 Confirmed List of Government Land Sales. Altura EC will have a valuable gross floor area of 37,348 square meters, with a maximum height ranging from 60 to 70 meters. The estimated yield of this executive condo is approximately 375 residential units. The prices of this executive condo site will be set according to the different pricing brackets.

CapitaLand Ascendas REIT (CLAR) has taken a step to deepen its footprint in one-north, with its planned acquisition of Seagate Singapore’s integrated high-specification research and development (R&D) facility, The Shugart, for $218.24 million. This includes related fees, raising the total to $232.4 million.

Currently, CLAR has a five assets within one-north – Nexus @one-north, Galaxis, Grab Headquarters, Neuros & Immunos and Nucleos – catering to the infocomm technology, media, science and engineering, biomedical and life sciences and emerging industries, and total assets under management (AUM) and net leasable area (NLA) of $1.7 billion and 2 million sq ft respectively.

With the addition of The Shugart, CLAR’s AUM and NLA in one-north will increase to $1.9 billion and 2.5 million sq ft respectively, resulting in a 13% increase in its footprint.

Pro forma, the proportion of business and life sciences properties in CLAR’s portfolio will be around 49% or $8.1 billion of CLAR’s total investment properties valued at $16.7 billion.

Upon completion of the acquisition, Seagate Singapore will enter into a 10-year leaseback of the property’s gross floor area (GFA), with an option to renew for an additional 10 years.

The Shugart was built around eight years ago and comprises a six-storey podium and a nine-storey tower with a cleanroom and data centre space for Seagate Singapore’s operations. Besides fulfilling its primary R&D purpose, the facility also features a sky garden, multi-purpose sports hall and gymnasium.

The proposed acquisition aligns with CLAR’s strategy to invest in properties that meet the evolving market requirements from structural trends and consumption patterns such as digitalisation and e-commerce.

Post-acquisition, CLAR is expected to have 231 investment properties across 98 in Singapore, 36 in Australia, 48 in the US and 49 in the UK and Europe.

The completion of the purchase is expected to happen in the second quarter of 2023.