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SINGAPORE – The former Big Box shopping center in Jurong East was acquired by Perennial Real Estate Holdings for $ 118 million, the developer said on Friday (December 4).
More than $ 70 million is expected to be invested to rebuild the site into a business park, said the company, which obtained confirmation from the JTC Corporation to change the site’s zoning.
The property is located in Jurong Lake District, which is slated to become Singapore’s largest regional and commercial center outside of the city center.
The remodel will be progressively completed beginning in the fourth quarter of next year, and the property will be renamed the Perennial Business City.
With a land area of approximately 606,600 square feet, the former mall spaces are primarily designed for storage and retail warehouse use.
It is connected to the surrounding buildings, such as Jem and IMM, and to the Jurong East MRT station through underground walkways. It is accessible via major highways, including Ayer Rajah Highway, Pan Island Highway, and the Tuas Second Link.
“The property is also directly linked … to Ng Teng Fong General Hospital and Jurong Community Hospital, which will complement its prospective health and biomedical sciences tenants,” Perennial said in a statement.
It plans to increase the gross area of the property from 1.4 million square feet to 1.5 million square feet, and the net leasable area from 1 million square feet to 1.1 million square feet.
The new development will feature large floor plates, ample parking spaces, and a large rooftop garden with an amphitheater.
Perennial will have a 51% majority stake in the future business park. The remaining stake will be held by other investors such as HPRY Holding, which is the investment vehicle of Perennial’s director, Kuok Khoon Hong.
The transaction is expected to be completed in mid-February next year.
The developer has also appointed CBRE Singapore to launch marketing and leasing to prospective tenants in industries such as information and communications technology, biomedical sciences, and financial institutions.
Perennial CEO Pua Seck Guan said the acquisition was an “important milestone” in expanding the company’s real estate portfolio to include retail parks.
“With its strategic location, excellent transportation connectivity, proximity to amenities, and innovative design to support urban sustainability and healthy well-being, Perennial Business City is well prepared to serve the economy-oriented local and regional businesses of the future.” said. additional.
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