Jurong Big Box To Be Redeveloped Into Business Park, Expected Completion In Late-2021

[kobayashiGT]

Jurong Big Box To Be Redeveloped Into Business Park, Expected Completion In Late-2021

source: https://mustsharenews.com/big-box-redeveloped/

Jurong Big Box To Be Redeveloped Into Business Park, Will Be A Convenient Working Space For Office Staff

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.

Big Box redevelopment to be completed in 2021

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.

Big Box to make way for office spaces

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.

Future business park near shopping malls

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.

Goodbye Big Box

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.

[golden_eagle]

why does that place fail when logistics space is all the hype now? 

[Si4dr]

Warehouse type retail but selling at normal price so no consumer interested to visit them

[Jamesc]

Because its not logistic but retail and retail is dead.

It was doomed from the start.

Everyone buying online and they put their money betting big in retail.

[Jamesc]

In business a lot of people got money

but very few got brains.

[Jamesc]

I think it was built for 180 million and sold for 118.

So somebody got a lucky deal.

[golden_eagle]

13 minutes ago, Jamesc said:

In business a lot of people got money

but very few got brains.

how i wish i can earn some of their money. 

[Count-Bracula]

They better come up with a new name for that building. 

[Jamesc]

 

33 minutes ago, golden_eagle said:

how i wish i can earn some of their money. 

You can just invest in the company that bought BB.

They bought a 180 million property for 118 million.

You will be earning some of their money.

Edited December 5, 2020 by Jamesc

[13177]

Develop into business city? Can work meh? I only know that place is super congested with too many things in that small area of land, i always find dont know when the existing MRT would give way since it seems the station is over crowded.

[Windwaver]

Huh, office space when more people are likely to work from home?

 

[Blueray]

1 hour ago, 13177 said:

Develop into business city? Can work meh? I only know that place is super congested with too many things in that small area of land, i always find dont know when the existing MRT would give way since it seems the station is over crowded.

any business where customers leave with a happy satisfied look on the face will succeed. 

[Mkl22]

51 minutes ago, Windwaver said:

Huh, office space when more people are likely to work from home?

 

Develop into multiple shoebox units will make more money. Stack the units like containers. Hahahahaha. 

[13177]

2 hours ago, Windwaver said:

Huh, office space when more people are likely to work from home?

 

I believe office space still in demand, as most people still prefer to work in office than home.

[Rickster]

7 hours ago, Jamesc said:

Because its not logistic but retail and retail is dead.

It was doomed from the start.

Everyone buying online and they put their money betting big in retail.

I think the initial plan is to become like the cosco of Australia - warehouse bulk purchase concept & price.

But in the end, somehow, the pricing portion fail 🤦‍♂️ 

 

[Rickster]

2 hours ago, 13177 said:

I believe office space still in demand, as most people still prefer to work in office than home.

That was what i thought too, coz i personally prefer to work in office.

But a recently company wide survey yielded very different results, so partial WFH just became permanent and the company decided to let go one of their buildings. The rest of the properties will be converted to hot desking style.

[Kb27]

In the US, "big box" would refer to big retailers offering a wide range of products selling at a low price.

Here, when I go there, it looks like your normal retailer selling at normal price, sitting in a "big box". No difference than going to your nearby neighbourhood stalls and shop around.

[Watwheels]

Why BigBox failed in the first place is because it's 3 steps too late. Whatever developer tries to build there will more or less end up like BigBox.

In the area you want office space, there are plenty. Other than Westgate there are also a couple of new office building in that area. You want warehouse or furniture, IMM.  Seriously for warehouse space Toh Guan which is nearby has plenty to choose from. Want hospital, I think you will want to go shopping instead of staying in your ward. Want cinema, ice skating, Jcube. Library is just next to it. Want supermarket, DDDonki and NTUC at Jem and IKEA is going to occupy 3 levels of what Robinsons used to lease, most likely next year first quarter. You say retail is dead? I think location wise it's important it's not where Bigbox used to be. 

As for retail, F&B no need to say it's in every mall there. Like I said why BigBox failed is because of its redundancy. Whatever is there is already there. 

GPGT