SINGAPORE (EDGEPROP) - Former Big Box, on JTC Corporation land, was acquired by Perennial Real Estate Holdings for $118 million. The site is zoned Business 1 (White), with a land area of around 606,600 sq ft. The spaces are predominantly designed for warehousing and warehouse retail usage.

Perennial has obtained JTC’s confirmation for the site to be changed for business park use. Over $70 million is expected to be used to redevelop the former Big Box.

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The redevelopment will increase the gross floor area to around 1.5 million sq ft, from the previous 1.4 million sq ft. The maximum permissible gross plot ratio of the sites is 2.5. Its net lettable area will increase from 1 million to 1.1 million sq ft.

The redeveloped property will be renamed as Perennial Business City. It will have large floor plates, a large rooftop garden with amphitheater and ample car park lots.

The project will be at the heart of Jurong East in the Jurong Lake District and a five-minute walk to the Jurong East MRT interchange. Nearby developments include JEM, Westgate, JCube and IMM, and Genting Hotel Jurong. It is also linked via elevated pedestrian walkways to Ng Teng Fong Hospital and Jurong Community Hospital.

Redevelopment works will be completed in phases from 4Q2021. CBRE has been appointed to market and lease the property to potential tenants.

Moray Armstrong, managing director of CBRE Singapore, says that Perennial Business City has the advantage of a modernised design and high specifications. The high floor-to-ceiling height of 4–5m will attract companies seeking high-play structures to appeal to a younger workforce.

“On the back of recent announcements of Chinese technology firms establishing their regional offices in Singapore and the ongoing transformation of the Jurong Lake District, we are confident that Perennial Business City will be the project of choice for businesses in the infocomm technology, biomedical, telecommunications and medical services industries,” he adds.

Perennial will own a majority 51% stake in Perennial Business City, and the rest will be held by HPRY Holdings, the investment vehicle of Kuok Khoon Hong, who is also the chairman of Perennial. The transaction is expected to be completed by mid-February 2021.