Big Box in Jurong has been sold to a real estate company for S$118 million, and will be converted into a business park.

The buyer, Perennial Real Estate Holdings Private Limited, announced its acquisition on Dec. 4 in a press release, saying that redevelopment is expected to "progressively complete" in the last quarter of 2021.

The property will be renamed Perennial Business City.

Big Box in 2020

Big Box, a retail development just cross the road from Jurong East MRT station, sat empty for months after it was put on sale in 2019.

In July this year, it was one of many spaces to be fitted with beds and used to house recovering Covid-19 patients, as a Community Care Facility (CCF).

With just 39 patients in such facilities as of Dec. 3, it appears that the time has come for the next step in Big Box's journey.

Potential tenants sought

"We are pleased to have the opportunity to redevelop the asset to capitalise on the burgeoning demand for business parks," said Perennial's CEO, Pua Seck Guan.

He pointed out the location, connectivity, proximity to amenities, and innovative design as some of the perks of the new Perennial Business City, which will have 1.1 million square feet of space up for lease after redevelopment work is done.

The company said that it has appointed CBRE Singapore to kick-start marketing and leasing of the space in the property.

Its potential tenants are those from "high-value industries" such as infocomm technology, biomedical sciences, fast moving consumer goods and financial institutions.

CBRE Singapore's managing director, Moray Armstrong, highlighted the property's "modernised design and high specifications".

He also said that a "generous floor to ceiling height of four to five meters" could help companies seeking to appeal to the younger workforce.

New CBD planned in Jurong

The government has been planning a new Central Business District (CBD) in Jurong since 2008, and confirmed in 2018 that these plans will continue even if plans for the Singapore-Kuala Lumpur High Speed Rail (HSR) turn out differently.

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Top image: Artist’s impression via Perennial Real Estate Holdings