The receivers and managers for the owner of Big Box have put up the warehouse retail mall for sale.
The landmark eight-storey building in Jurong East Regional Centre is owned by Big Box Pte Ltd, a 51 per cent subsidiary of struggling mainboard-listed consumer electronics retailer TT International.
Cushman & Wakefield, the exclusive marketing agent for the sale, noted that the warehouse retail scheme under which Big Box operated has expired.
"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," said Mr Shaun Poh, Cushman & Wakefield's executive director of capital markets.
"This is a compelling opportunity for logistics players, e-commerce fulfilment and 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 conducted via an expression of interest, which will close on June 14 at 3pm.
HUGE WAREHOUSE ASSET
With a gross floor area 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.
MR SHAUN POH, Cushman & Wakefield's executive director of capital markets.
The property, with a site area of 56,385.7 sq m and an existing plot ratio of 2.31, has a balance of 19 years on its 30-year lease tenure. According to the lease agreement, it is approved for "Business 1" use with a gross plot ratio of up to 2.5.
There are also 1,726 carpark spaces within the building that can potentially be converted into additional GFA, subject to 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 a sheltered pedestrian bridge to Jem and Jurong East MRT station. It is also supported by a large catchment of labour supply from the surrounding residential estates in Jurong, West Coast and Clementi.
TT International has been undergoing a period of restructuring under a scheme of arrangement since April 2010. Trading in the company's shares has been voluntarily suspended since Aug 4 last year.