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TT International's Big Box in Jurong East put up for sale by receivers
THE receivers and managers for the owner of Big Box have put the warehouse retail mall up for sale.
The landmark eight-storey building in Jurong East Regional Centre is owned by Big Box Pte Ltd (BBPL), a 51-per cent subsidiary of struggling mainboard-listed consumer electronics retailer TT International.
Cushman & Wakefield, exclusive marketing agent for the sale, noted that the warehouse retail scheme (WRS) under which Big Box operated has expired.
Said Shaun Poh, its executive director of capital markets: “With a gross floor area (GFA) of over 1.4 million square feet, Big Box is probably the largest ramp-up warehouse asset to be offered for sale in recent years.
"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.”
The sale will be be conducted via an expression of interest which will close on June 14 at 3pm.
The property, which has a site area of 56,385.7 square metres or about 606,639 sq ft and an existing plot ratio of 2.31, has a balance of 19 years on its 30-year lease tenure.
According to the Jurong Town Corporation's lease agreement, it is approved for “Business 1” use with a gross plot ratio of up to 2.5.
There are also 1,726 car park lots within the building which can potentially be converted into additional GFA, subject to the relevant authorities’ approval.
On its other plus points, Cushman & Wakefield said Big Box is located within the new Jurong Lake District, planned for Singapore's second central business district.
It is connected via sheltered pedestrian bridge to JEM and Jurong East MRT Interchange station, and is accessible via the Ayer Rajah Expressway (AYE), Pan Island Expressway (PIE) and Tuas Second Link. It is also supported by a large catchment of labour supply from the surrounding residential estates in Jurong, West Coast and Clementi.
Trading in TT International's shares has been voluntarily suspended since Aug 4, 2017. The company has been undergoing a period of restructuring under a scheme of arrangement since April 2010.