Perennial Real Estate announced today (December 4) that it has acquired the Big Box Mall in Jurong East for S $ 118 million.
This acquisition should be finalized in mid-February 2021.
In a press release, Perennial announced that JTC Corporation had received approval to turn the site into an industrial park that is expected to invest more than S $ 70 million.
The space will be renamed Perennial Business City, in which Perennial will have a 51% majority.
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The rest is held by other investors, including HPRY Holdings, the investment vehicle owned by Kuok Khoon Hong, who is also chairman of Perennial.
It covers an area of 606,600 square meters and is expected to be completed “gradually” from the fourth quarter of next year.
Potential tenants, including infocomm technology, biomedical, consumer goods and finance industries.
Pua Seck Guan, CEO of Perennial, said the acquisition was a “major step” in adding business parks to the company’s real estate portfolio.
“We are delighted to have the opportunity to redevelop the asset to take advantage of the growing demand for business parks and the new perennial business city to add vitality to the Jurong Lake District,” he said. he declares.
Jurong: an emerging business hub
Jurong will be an emerging business center in Singapore.
In early March, Minister of State for Trade and Industry Koh Poh Koon announced that a new cooperation room was being established in the Jurong Innovation District (JID) to help local businesses innovate and to develop products.
JID is currently developing as a high-tech manufacturing center and the district is expected to create 95,000 high-tech manufacturing and research jobs over the next 20 years.
Regardless, Jurong’s International Business Park (IBP) has established itself in the world of innovative technologies.
This is especially true for companies involved in advanced manufacturing, including suppliers and manufacturers who are driving the future of robotics and 3D printing.
The growing interest in IBP lies in the rejuvenation of Jurong. It does so in the form of the Jurong Lake District (JLD), which has positioned itself as the largest mixed-use business district outside of the city center.
To keep up with the changing needs of Jurong’s startups, the redevelopment of iQuest @ IBP is also planned, which should be completed in 2022.
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