The proposed redevelopment of Flatted Factories into a high-tech industrial precinct had commenced in July 2020. The proposed redevelopment will increase the utilised plot ratio from 1.5 to 2.5. Upon completion of the proposed redevelopment in the second half of 2022, this will increase the total gross floor area to about 865,600 sq ft.

161 and 163 Kallang Way will be developed as two Hi-Tech blocks, which are suitable for high value-add and knowledge-based businesses such as advanced manufacturing, biomedical science and information and communications technology sectors. The development is zoned for Business 2 use. 161 and 163 Kallang Way have attained BCA Green Mark Award Platinum for adoption of green technologies and practices.

165 Kallang Way was developed as a seven-storey build-to-suit facility for a global medical device company headquartered in Germany with TOP obtained on 10 Nov 2022. TOP for 163 Kallang Way was obtained on 2 Feb 2023 and TOP for 161 Kallang Way was obtained on 23 Mar 2023.

Located within the Kolam Ayer Industrial Estate, the new high-tech industrial precinct is close to the MacPherson neighbourhood and a short drive to the Central Business District. It is well-served by expressways such as the CTE, KPE and PIE as well as the Geylang Bahru MRT station (DT24) via a sheltered walkway. It also enjoys easy access to recreational sites such as the Sports Hub and Marina Barrage via park connectors.