Perennial consortium to acquire Big Box in Jurong East for S$118m
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A CONSORTIUM including real estate firm Perennial Real Estate Holdings will be acquiring the former Big Box property in Jurong East for S$118 million, drawing on the Jurong Lake District's potential as the upcoming second central business district.
Over S$70 million is expected to be doled out to redevelop the former Big Box site into a business park named Perennial Business City, marking Perennial's foray into the asset class, it said.
Perennial, through its wholly-owned subsidiary PRE 15, had exercised the call option under a put and call option agreement previously signed with the receivers and managers of Big Box Pte Ltd.
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