CapitaLand Ascendas REIT signs workspace management deal with The Work Project

TWP will manage fit-out works in a 3.5-month project management contract.

CapitaLand Ascendas REIT (CLAR) announced that Sprint Plot 1 Trust (SP1) has signed agreements with The Work Project Management Pte. Ltd. (TWP) to develop and manage flexible workspaces at 1A Science Park Drive.

CLAR holds a 34% stake in SP1, a private trust in Singapore.

TWP, an indirect wholly owned unit of CapitaLand Group and linked to Temasek Holdings, will oversee the fit-out works under a 3.5-month project management contract.

The fees for this agreement are estimated at $239,000, with an additional $401,000 to cover consultancy reimbursements.

TWP will also operate and manage the flexible workspaces under a five-year management services agreement commencing on 5 September 2025.

This includes property and facilities management, marketing, and administrative support, with total fees for the initial term estimated at $3.2m.

The premises, located within the “Geneo” life sciences and innovation cluster at Singapore Science Park 1, will be transformed into premium flexible workspaces.

The deal is classified as an interested person transaction under SGX rules, as Temasek is a controlling unitholder of CLAR.

The total value of IPTs between CLAR and the Temasek group in the current financial year, including this deal, amounts to about $769.5m (including approved IPTs).

CLAR said the appointment of TWP was based on its strong track record and local expertise. TWP currently manages over 350,000 square feet of co-working space across Singapore and has extensive experience operating similar facilities globally.

TWP’s familiarity with Singapore Science Park—where it already manages co-working spaces at Ascent—was cited as an added advantage.

Independent adviser PrimePartners Corporate Finance confirmed the terms are on normal commercial grounds and not prejudicial to minority unitholders.

As of this announcement, Temasek holds an 18.23% deemed interest in CLAR through its subsidiaries.

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