AREIT has announced plans to jointly redevelop 1 Science Park Drive with CapitaLand Development (CLD), into a new 116,800 sqm life science and innovation campus by 2025. In addition to the 6.3% stabilised NPI yield, a first right to acquire the remaining 66% interest, is set to entrench its dominance as Singapore’s leading business and science park REIT landlord, and the best S-REIT growth proxy. Valuations are undemanding at 5.2% FY21 yield and c.4% DPU CAGR for this large-cap liquid name.