The Big Box warehouse building beside the Jurong East MRT interchange and JEM mall has been put up for sale, announced marketing agent Cushman & Wakefield (C&W). The receivers have not released a guide price for the development, which has a gross floor area of 1.4 million sq ft. The divestment exercise will be conducted via an expression of interest (EOI).
Located in the Jurong Lake District, the property is on a 606,639 sq ft plot. Under the 2014 Master Plan, it is zoned for Business-1 use with a gross plot ratio of up to 2.5. It has a 30-year lease from March 2007. The development comprises an eight-storey ramp-up warehouse with basement and has 1,726 car park lots which can be converted into additional gross floor area, subject to approvals.
“This is a compelling opportunity for logistics players, e-commerce fulfilment & warehousing companies as well as other third-party facilities service providers to acquire a rarely available warehouse facility within the prime Jurong Gateway locale,” says Shaun Poh, executive director of capital markets for C&W.
The EOI will close on June 14.