SINGAPORE: The Big Box searching shopping mall in Jurong East has been acquired by Perennial Serious Estate for S$118 million, claimed the developer on Friday (Dec 4).
In a media launch, Perennial claimed it has received JTC Corporation’s confirmation for the zoning of web-site to be adjusted to a company park.
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Far more than S$70 million is also predicted to be invested to redevelop the previous warehouse room, which has a land place of approximately 606,600 sq ft.
The redeveloped house will be renamed Perennial Enterprise Metropolis and is predicted to be completed “progressively” from Q4 following yr, mentioned the developer.
Industrial authentic estate agency CBRE Singapore has been appointed to deal with the marketing and advertising and leasing of the area to probable tenants from industries these as infocomm engineering, biomedical sciences, buyer products and finance.
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Perennial will very own a vast majority 51 for each cent stake in Perennial Company Town, it stated.
The remaining will be held by other investors including HPRY Holdings, the investment vehicle of Mr Kuok Khoon Hong, who is also the chairman of Perennial.
The transaction is anticipated to total by mid-February 2021.
Perennial CEO Pua Seck Guan explained the acquisition marks a “significant milestone”, growing the firm’s true estate portfolio to involve enterprise parks.
“We are delighted to have the possibility to redevelop the asset to capitalise on the burgeoning need for company parks, and for the new Perennial Small business City to increase to the vibrancy of the Jurong Lake District,” he claimed.
Big Box is amid the facilities recently fitted with beds to property COVID-19 clients.