Those who stay in the West will be familiar with the Big Box, the warehouse shopping mall in Jurong.
Ailing from low traffic, plans for its sale ran as far back as 2018.
On Friday (4 Dec), a $118 million deal on the Jurong property has reportedly been closed.
Come late-2021, the mall will be developed into a business park.
In a press release, Perennial Real Estate said they have bought over Big Box for $118 million.
The mall, which is located in Jurong Lake District, will be transformed into a business park that will house offices.
The redevelopment works are expected to be “progressively complete” from the fourth quarter of 2021.
The property will be renamed Perennial Business City.
Image courtesy of Perennial Real Estate Holdings
According to Channel NewsAsia (CNA), CBRE Singapore will be handling the marketing and leasing of spaces in Perennial Business City.
Managing Director Mr Moray Armstrong says the property has generous floor to ceiling height, allowing for high-play structures.
It is their hope that spaces within the business park will appeal to a younger workforce.
Furthermore, the property is conveniently situated near Jurong East MRT while being easily reached via various expressways.
Perhaps this would make it an attractive space for businesses to set up shop.
One potential reason for Big Box’s decline may be the presence of competitors like JEM and Westgate located nearby.
However, future business staff will have the benefit of working near such malls that are great for lunch breaks and post-work hangouts.
While some Westies may be saddened by the loss of Big Box, the silver lining is that there are still plenty of other malls and amenities in the area.
With this new business park on the horizon, Jurong is further on its course to becoming a bustling business hub.
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Featured image adapted from Perennial Real Estate Holdings.
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