Ready commercial · Completed 2023
Elevate One-North Innovation Hub
12 Ayer Rajah Avenue, Singapore 138664
A newly completed business park campus in One-North serving biotech, R&D and technology occupiers, delivering the highest gross yield in the portfolio at 4.8%.
Building overview
The asset
Elevate One-North Innovation Hub comprises two linked eight-storey blocks totalling 385,000 sq ft, purpose-built for research and technology occupiers. Specification includes 500 kg/sqm floor loading, dedicated laboratory risers, elevated cooling capacity and a shared prototyping workshop. Business park zoning permits qualifying occupiers at materially lower rents than the CBD, which supports the highest running yield in our ready commercial portfolio.
Investment highlights
- Highest gross yield in the ready portfolio at up to 5.0%
- Newest asset — completed 2023 with full warranty cover
- Entry pricing from S$2.55M for smaller investors
- Government-backed innovation cluster with deep occupier demand
- Super Low Energy certification cuts operating cost
- Developer
- Elevate Properties Pte. Ltd. with Surbana Jurong
- District
- District 05 — One-North, Buona Vista
- Classification
- Grade A business park
- Completion year
- 2023
- Tenure
- 60-year leasehold from 2019
- Occupancy rate
- 94%
- Price from
- S$2.55M
- Average pricing
- S$1,700 psf average
- Rental yield
- 4.8 – 5.0% gross
- ROI
- 10.1% p.a. blended
Specifications
Building specifications
Net lettable area
385,000 sq ft across two blocks
Storeys
8 per block, 2 basement
Typical floor plate
24,000 sq ft
Floor loading
500 kg/sqm (lab-ready zones)
Ceiling height
3.4m finished
Power provision
180 VA/sqm with dual intake
Services
Dedicated lab risers, fume extraction ready
Green certification
BCA Green Mark Platinum Super Low Energy
Campus
Landscaped courtyard between blocks
Security
Zoned card access, 24/7 monitoring
Availability
Office sizes, pricing and yield
| Office size | Available units | Starting price | Current market price | Monthly rent | Gross yield |
|---|---|---|---|---|---|
| 1,500 sq ft unit | 10 units | S$2.55M | S$2.74M | S$10,200 / month | 4.8% |
| 3,000 sq ft unit | 7 units | S$5.10M | S$5.48M | S$20,400 / month | 4.8% |
| 6,000 sq ft unit | 4 units | S$10.20M | S$10.95M | S$41,500 / month | 4.9% |
| 12,000 sq ft half floor | 3 units | S$20.40M | S$21.90M | S$83,300 / month | 4.9% |
| 24,000 sq ft full floor | 2 units | S$40.80M | S$43.80M | S$170,000 / month | 5.0% |
Rents shown are gross of service charge and reflect current in-place or market-tested levels. Figures are indicative demonstration data and not a guarantee of future performance.
Tenancy
Occupancy and major tenants
94%
Committed occupancy
Blended rental yield of 4.8 – 5.0% gross with a total blended return of 10.1% p.a. blended.
- Clinical-stage biotechnology company
- Semiconductor design centre of a listed group
- University-affiliated research institute
- Artificial intelligence research laboratory
Gallery
Exterior, lobby, floors and facilities
20 images covering the exterior, lobby, reception, office floors, meeting rooms, business lounge, building facilities and floor plans.
Amenities
Building amenities
- Campus courtyard with landscaped seating
- Shared prototyping and maker workshop
- Business lounge and innovation showcase gallery
- Six meeting rooms and a 200-seat auditorium
- Food court, café and convenience retail
- End-of-trip facility with 300 lockers
- Childcare centre on the campus edge
- Rooftop photovoltaic array serving common areas
Location
Exact location
Access
Parking, transport and MRT
Parking
- 520 car park bays across two basement levels
- 70 EV charging bays
- Season parking from S$230 per bay per month
- Loading dock with two goods lifts per block
- 320 bicycle bays and campus cycle path
Transportation access
- Eight-minute sheltered walk to one-north MRT
- Direct access to Ayer Rajah Expressway (AYE)
- 15 minutes to the CBD outside peak hours
- Campus shuttle to Buona Vista interchange
Nearby MRT stations
- one-north (CC) — 8 min
- Buona Vista (EW/CC) — 12 min
- Kent Ridge (CC) — 13 min
- Dover (EW) — 16 min
Analysis
Professional investment analysis
- 01
Business park pricing of S$1,700 psf is roughly 47% below CBD Grade A while rents are only 15% lower, producing a yield premium of 70–90 basis points.
- 02
One-North occupier demand is anchored by A*STAR, NUS and the biomedical cluster; vacancy has stayed under 7% across the past five years.
- 03
The 60-year leasehold requires lease-decay modelling on exit; we assume a 10-year hold with a conservative terminal cap rate of 5.25%.
- 04
R&D-specification stock is supply-constrained: fewer than 500,000 sq ft of lab-ready space is scheduled for delivery island-wide through 2029.
Enquire
Request the investment pack
Rent roll, tenancy schedule, service charge budget, valuation summary and floor plans.
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