The managers and receivers of Big Box owners TT international, have put up Big Box, Mega mall for sale.
Big Box is a landmark building comprised in eight-storeys on Jurong East Regional Centre and BBPL or Big Box Pte Ltd are its owners and 51% subsidiary of TT International which is a listed retailer in consumer electronics, presently struggling.
Cushman & Wakefield who are the exclusive marketing agents for this sale also noted that the WRS or warehouse retail scheme which applied to Big Box has now expired.
Shaun Poh, executive direction for capital markets at Cushman & Wakefield stated that with about 1.4 million square feet GFA, Big Box was far the largest among ramp-up warehouses to be put on sale in recent times.
He also added that it was a compelling opportunity for businesses like logistics, warehousing and fulfilment and other third-party facilities offering services, to acquire a warehouse that is rarely available in a prime locality like Jurong Gateway.
The sale is to be concluded through an expression of interest which would close at 3 pm on 14 June.
Site area of the property is 56,385.7 square meters or approximately 606,639 sq ft with the current plot ratio at 2.31 and balance of 19 years on the lease tenure.
Lease agreement entered by the Jurong Town Corporation provides for a GPR of 2.5 with approval for “Business 1” use.
The property also has 1,726 car parking lots inside the building that could potentially convert to additional GFA, subject to approval from relevant authorities.
Cushman & Wakefield stated that the plus points for Big Box include its location close to the new Jurong Lake District which is planned as the second CBD for Singapore.
Further it is also connected to Jurong East MRT station and JEM via a pedestrian bridge which is sheltered.
The Pan Island Expressway (PIE), Ayer Rajah Expressway and Tuas Second Link are also easily accessible.
Big Box also has the support of a large catchment regarding labour supply from the residential estates surrounding it in Clementi, West Coast and Jurong.
TT International had voluntarily suspended trading in its shares from 4th August 2017. The company is going through a restructuring phase under the scheme of arrangement entered in April 2010.