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Big Box building in Jurong up for sale by expression of interest

by • April 9, 2019 • Commercial Property LoanComments (0)147

Big box building has the potential to leverage off Singapore’s powerful position in logistics and trade within the region. 

The receivers and managers of Big Box Pte Ltd have appointed JLL to conduct an Expression of Interest (EOI) for their landmark eight-storey asset located in the centre of the Jurong East Regional town centre. The EOI will be launched on Tuesday, 9 April, with bids due on Thursday 23 May. The eight-storey B1 facility known as “Big Box” was constructed in 2014 and originally used as part of a warehouse retail (WRS) scheme.

The Big Box building is now approved for “Business 1” or B1 industrial usage and will be offered with mostly vacant possession.

The Big Box building has exceptional ramp up warehouse specifications with ceiling heights ranging from 5-18 metres and total useable area above 1 million square feet on large floor plates.

This potential scale of operations available in the modern facility offers corporates with e-commerce and technology platforms, large scale logistics operators and third party service providers an immediate opportunity for a ramp up that locates operations in an area that will benefit from its proximity to Jurong Port and the Jurong Lake District.

The total GFA of the Big Box building is 1,405,000 sqft and is interconnected to surrounding buildings such as JEM, whilst undercover pedestrian walks provide direct access to the Jurong East MRT. There are 1,726 car park lots and ancillary container lots and lorry parking.

The remaining land tenure is 30 years from 23 March 2007 (18 years unexpired). The site area is approximately 606,639 sqft. The approved use for the facility is “Business 1” B1 and the relevant authority is the JTC.

Mok Sze Sze, Senior Director Capital Markets at JLL, said: “Big Box is a unique opportunity for occupiers and third party service providers to leverage off Singapore’s powerful position in logistics and trade within the region. Existing and future infrastructure developments in the West of the island will continue to support uses and demand for facilities such as Big Box.”

Jurong property prices unlikely to be affected by delay in HSR project

Commenting on the EOI exercise of Big Box building, the chief mortgage officer at iCompareLoan, Paul Ho, said: ““With a GFA of over 1.4 million sq ft, Big Box is probably the largest ramp-up warehouse asset to be offered for sale in recent years.”

He added, “it is a rare asset and the big plus is that it is located within close proximity to the Jurong Lake District. The Draft Master Plan 2019 also gives the Jurong Lake District area a big boost.”

Draft Master Plan 2019 gives Jurong Lake District a boost

Draft Master Plan 2019 gives exciting business and employment opportunities for Singaporeans in three new employment areas — Jurong Lake District (JLD), Jurong Innovation District (JID) and Tuas Port. JLD and JID will test-bed new urban solutions and infrastructure to create more pleasant working and living environments for all.

The 360-hectare JLD will be the largest mixed-use business district outside the city centre, with quality offices, housing, amenities and abundant green spaces. A complementary leisure and recreational cluster has also been planned around Jurong Lake to leverage on the area’s unique lakeside and garden setting.

Offering pedestrians shelter in JLD come rain or shine, the existing J-Walk network will be extended to more developments. Beyond being just a linkway between malls, the elevated pedestrian network will also have programmes for fitness enthusiasts to clock more steps while moving around the district.

With 4 MRT lines serving the district by 2035, residents, workers and visitors will have enhanced accessibility to the rest of the island, including direct connections to the CBD, Changi Airport and JID.

The development of JLD will revolve around 4 key themes:

big box building

Jurong Innovation District

Served by 6 future Jurong Region Line stations, JID will be an industrial district for advanced manufacturing, supporting an ecosystem of manufacturers, technology providers, researchers and education institutions with Nanyang Technological University nearby.

Workers and residents of nearby Jurong West and Tengah towns can look forward to a new 11-kilometre-long sky corridor that allows pedestrians, cyclists and autonomous shuttles to move seamlessly within the precinct to nearby transport hubs and exciting lifestyle options.

Jurong Lake Gardens

Jurong Lake Gardens will be Singapore’s first national gardens in the heartlands, bringing nature closer to homes. It will open progressively from 2019, with new attractions and enhanced community spaces to serve residents, workers and visitors. As a people’s gardens, residents can look forward to nature-themed and water play areas, lifestyle and sports facilities, as well as a restored swamp forest and wetlands.

Jurong Canal Drive Extension

The future Jurong Canal Drive Extension will be designed for buses only, connecting two ‘car-lite’ districts – Tengah and JLD. Existing footpaths and bike lanes will be widened and lined with shadier trees for a more pleasant walking and cycling experience. This new mobility corridor will form part of a regional transit-only network connecting other towns in future.

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