+65 8901 7972
中文 EN
Singapore Commercial Property
Back to Blog
Reviews Published

Perennial Business City Review

Perennial Business City Review
Industrial & Business Park Property Review — District 22

Perennial Business City

A Green Mark Platinum business park at the heart of Jurong Lake District — on a land lease that expires in 2037.

SGCPI Research Desk Updated 24 August 2026 1 Venture Avenue, Singapore 608521 30-YR LEASEHOLD FROM 2007 — EXPIRES 22 MAR 2037

Street-level view of Perennial Business City, 1 Venture Avenue, Singapore 608521. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NamePerennial Business City
Address1 Venture Avenue, Singapore 608521
DistrictD22 — Boon Lay / Jurong / Tuas (Jurong East)
Tenure30-year leasehold from 23 March 2007, expiring 22 March 2037
Zoning / UseBusiness 1 (White) JTC land, approved for Business Park use
Built Form8-storey block with basement, redeveloped from the former Big Box
Land Area / GFA606,639 sq ft land; GFA ≈1.5 million sq ft; NLA ≈1.1 million sq ft
Completion Year2023 (redevelopment phased from Q4 2021; original building 2014)
Nearest MRTJurong East (NS1 / EW24), with Jurong Region Line to follow
Key Road AccessPIE and AYE via Jurong Town Hall Road and Boon Lay Way
Transacted PSF Range≈S$150 – S$195 psf on GFA, whole-asset basis
Sale Price Range≈S$230 – S$290 million, whole-asset basis (no strata units)
Asking Rent RangeS$4.50 – S$5.30 psf per month
Occupier BaseBiomedical, healthcare, ICT, FMCG and financial services; occupiers include DBS, Omnivision and Wyse Active Hub

Location & Connectivity

Perennial Business City sits on a 606,639 sq ft plot at 1 Venture Avenue, inside the Jurong Gateway core of the Jurong Lake District — the precinct positioned as Singapore’s largest commercial node outside the city centre. The address places occupiers among JEM, Westgate, IMM and JTC Summit rather than on the industrial fringe further west.

Connectivity is the asset’s strongest single attribute. Jurong East MRT interchange, served by the North South and East West Lines, is roughly a five-minute sheltered walk away, and the station is being extended to take the Jurong Region Line alongside the future Jurong East Integrated Transport Hub. Drivers reach the PIE and AYE within minutes through Jurong Town Hall Road and Boon Lay Way, which keeps both the city centre and the Tuas industrial belt within comfortable reach.

Amenity provision is unusually deep for a business park. Staff reach four malls on foot, and an elevated walkway links the building to Ng Teng Fong General Hospital and Jurong Community Hospital — an operational advantage for biomedical and medtech tenants near clinical partners.

Location of Perennial Business City, 1 Venture Avenue. Map data: Google Maps, accessed August 2026.

Building & Facilities

The building is an eight-storey block with a basement, carrying roughly 1.5 million sq ft of gross floor area and about 1.1 million sq ft of net lettable area. It retains the ramp-up bones of the former Big Box warehouse retail mall, which gives it clear ceiling heights of 5.0 to 7.5 metres and floor loading of 4.0 to 7.5 kN per square metre — specifications well above a conventional office building, and the reason large-format fit-outs work here. Vertical transport runs to 18 passenger lifts and two cargo lifts.

Common facilities include a conference centre on level three, a large badminton facility, food and beverage provision, and ≈874 car park lots after part of the original 1,726-lot provision was converted into lettable area. The asset holds BCA Green Mark Platinum Super Low Energy accreditation, supported by rooftop solar, a high-efficiency chiller plant and sensor-driven fresh-air control. Space is handed over as high-specification shell.

Due diligence should focus on the JTC lease, not the building. Occupiers must confirm their trade qualifies under Business Park use, check subletting and anchor-tenant conditions on JTC land, and align fit-out amortisation and reinstatement with the March 2037 expiry.

Unit Types & Floor Plan Notes

The building is held under single ownership and leased whole-building, so there are no strata units to buy. Space is offered from about 4,000 sq ft up to full floor plates exceeding 150,000 sq ft, configured to tenant requirements.

Compact Suite

≈4,300 sq ft

Entry-level footprint for regional representative offices, back-office teams and technical support functions needing a Jurong East address.

Mid Floor Plate

≈9,000 sq ft

Works for a combined office and light laboratory layout, with ceiling height allowing a mezzanine or plant-heavy fit-out.

Large Occupier

≈20,000 sq ft

Suits a regional team, training centre or R&D operation requiring a single contiguous floor with cargo lift access.

Anchor Requirement

≈40,500 sq ft and above

Headquarters-scale take-up, with full-floor options and signage discussion available on longer lease commitments.

Clear ceiling height: 5.0 – 7.5 m
Floor loading: 4.0 – 7.5 kN/sqm
Lifts: 18 passenger, 2 cargo
Typical floor plate: ≈150,000 – 190,000 sq ft
Handover: high-specification shell, tenant customisation

Investment Case

This is an institutional leasing play, not a strata investment. The question for most readers is whether to commit occupational capital to a site whose JTC lease expires on 22 March 2037, leaving about ten and a half years to run.

What Works

  • Five-minute sheltered walk to a triple-line MRT interchange, rare for business park stock.
  • Post-2021 redevelopment with Green Mark Platinum Super Low Energy accreditation.
  • Ceiling heights and floor loading that support laboratory, R&D and light production uses.
  • Direct covered link to two hospitals, supporting biomedical and healthcare occupiers.
  • Rents remain below comparable city-fringe office space.

What to Weigh Carefully

  • Land lease expires in March 2037; fit-out payback windows are short.
  • No strata subdivision, so there is no unit-level entry or exit route.
  • Business Park zoning restricts permitted trades and retail activity.
  • Jurong Lake District supply pipeline will add competing space over the next decade.
  • Any lease extension rests with JTC and cannot be assumed at underwriting.

Who This Suits

The building fits occupiers rather than passive investors. It works best for biomedical, medtech and healthcare service firms that benefit from the hospital link; for ICT and engineering teams needing higher floor loading than an office tower provides; and for FMCG, financial services and shared-services operations consolidating staff into a well-connected western address at a discount to central rents. It does not suit buyers seeking a strata unit, capital appreciation from land value, or a retail shopfront.

Frequently Asked Questions

What uses are permitted under the Business Park zoning?
The site sits on JTC land zoned Business 1 (White), with JTC confirmation for Business Park use. In practice that admits research and development, high-technology and knowledge-based activities, corporate headquarters functions and supporting laboratory or testing space. General retail, food and beverage for public trade, education, medical clinics and pure warehousing are either prohibited or capped as ancillary components within a small share of floor area. Because the approval sits with JTC rather than only with URA, an occupier’s specific SSIC code and business activity should be cleared with the landlord and JTC before heads of terms are signed rather than afterwards.
Can foreign companies or individuals occupy or acquire space here?
Industrial and business park property is not restricted under the Residential Property Act, so foreign-incorporated entities face no ownership bar of the kind that applies to landed housing. The practical constraint is different: this asset is held under single ownership and leased whole-building, so foreign parties engage as tenants rather than purchasers. JTC land also carries anchor-tenant and occupancy conditions, meaning the operating entity must demonstrate a qualifying business activity and, in many cases, a Singapore-registered presence. Foreign occupiers should budget time for that clearance alongside standard lease negotiation, particularly where the parent entity signs as guarantor.
Does Additional Buyer’s Stamp Duty apply to this property?
Additional Buyer’s Stamp Duty applies to residential property only, so an industrial or business park asset such as this falls outside it entirely. That is one reason commercial and industrial stock has attracted buyers who already hold residential property in Singapore. The point is largely academic here because there are no strata units for sale, and any transaction would be a whole-asset or corporate-level deal. Where an acquisition is structured through shares in a property-holding entity, Additional Conveyance Duties may apply instead, and that assessment is fact-specific. Tax counsel should be engaged before any structure is settled.
How is Buyer’s Stamp Duty calculated on a purchase?
Buyer’s Stamp Duty on non-residential property is charged on the higher of purchase price or market value, using a tiered scale that runs from one per cent on the first tranche up to the top non-residential rate on the balance above the highest threshold. On a whole-asset transaction in the range this building would command, the duty is a material line item measured in millions rather than a rounding error, and it is payable within fourteen days of the instrument. Rates are revised in Budget announcements from time to time, so the prevailing IRAS schedule should be checked at the point of exchange.
Would Seller’s Stamp Duty apply on a resale?
Seller’s Stamp Duty applies to industrial property disposed of within three years of acquisition, on a descending scale across the first, second and third years, with no duty payable thereafter. It is charged on the higher of sale price or market value. For an asset of this scale the holding period is almost always well beyond three years, so the charge rarely bites in practice, but it remains relevant to any short-hold or restructuring scenario. Buyers acquiring through a corporate vehicle should also review whether Additional Conveyance Duties capture the disposal, since those rules operate on a separate basis.
Is GST payable on rent and on a sale?
Yes. Unlike residential property, non-residential rent and sale consideration are standard-rated supplies where the landlord or vendor is GST-registered, and GST is charged at the prevailing rate of nine per cent. Tenants who are themselves GST-registered can generally claim the input tax, so the practical burden falls hardest on non-registered occupiers and on those with partially exempt supplies, such as some financial services businesses. Cash flow matters too: GST is payable on the deposit and on each rental instalment, so occupancy budgets should be built on the gross figure rather than the headline rent quoted per square foot.
How does the 2037 lease expiry affect financing?
Lenders size industrial facilities against remaining tenure, and roughly ten and a half years is short by any measure. Expect a shorter loan tenor, a lower loan-to-value ratio than the sixty to eighty per cent available on longer-tenure stock, and amortisation structured to clear the debt before the lease runs out. For occupiers the same arithmetic applies to fit-out: capital expenditure must be depreciated across the lease term, which raises effective occupancy cost. Any assumption of a lease extension by JTC should be treated as an upside case in underwriting, never as a base case supporting the borrowing.
What rental yield does the asset indicate?
On asking rents of S$4.50 to S$5.30 per square foot per month against an estimated whole-asset value of ≈S$230 to S$290 million, the indicative gross yield sits in the region of six to eight per cent, before service charge recovery, vacancy and capital expenditure. That is high relative to Singapore commercial averages, and the premium is compensation for lease decay rather than a mispricing. Net yields will be materially lower once management, sinking fund provision and letting incentives are deducted, and the yield figure should be read alongside a residual value assumption approaching zero at expiry.
Is the building’s age or specification a concern?
Physically the asset is young. The original structure completed in 2014 and the conversion to business park use was carried out progressively from late 2021, reaching completion around 2023 with more than S$70 million of capital works. Services, lifts, chiller plant and facade all date from that programme, and the Green Mark Platinum Super Low Energy rating implies low operating cost. The building’s constraint is legal rather than structural: the improvements will outlast the land lease by a wide margin, which is unusual and means depreciation should be assessed against the 2037 date, not against a conventional building life.
What are the redevelopment or lease renewal prospects?
There is no collective sale mechanism here, since the building is not strata-subdivided, so the conventional en bloc route does not apply. What matters instead is JTC’s position at expiry in 2037. JTC may offer a further term, may require reinstatement, or may recover the site for the broader Jurong Lake District masterplan, which envisages substantially higher density around Jurong East. The site’s plot ratio of 2.5 is modest against that long-term vision, which arguably strengthens the redevelopment case but weakens the case for assuming a simple renewal on existing terms.
How adequate is parking, loading and vehicular access?
Parking provision is estimated at ≈874 lots, reduced from the 1,726 lots the building carried as a warehouse retail mall, with part of that area converted to lettable space during the redevelopment. The provision remains generous by business park standards and unusual for a site this close to an MRT interchange. Loading benefits from the original ramp-up structure, which allows vehicular access to upper levels and supports two cargo lifts, so equipment-heavy fit-outs and laboratory installations are straightforward. Tenants with sustained goods movement should nonetheless confirm current dock allocation and vehicle height limits directly with building management.
What ongoing service charges should occupiers expect?
Because the building sits under single ownership there is no MCST and no strata maintenance fund. Instead a landlord service charge is levied on top of base rent, estimated at ≈S$1.00 to S$1.30 per square foot per month, covering common area maintenance, security, chiller plant, landscaping and management. Green Mark Platinum accreditation and the efficient plant installed during redevelopment should keep energy recovery below comparable older stock. Occupiers should confirm whether the charge is fixed, capped or fully variable, and whether utilities within the demised premises are separately metered, before signing heads of terms.
How liquid is this asset, and which businesses should look here?
Liquidity is thin. A whole-asset business park building with a decade of land tenure appeals to a narrow pool of institutional and family-office buyers, and pricing will always be negotiated rather than benchmarked against comparable strata transactions. Occupational demand is healthier: biomedical and healthcare firms drawn by the hospital link, ICT and engineering teams needing power and floor loading, and regional shared-services operations chasing connectivity at a discount to central rents. Businesses requiring retail frontage, public-facing medical practice or pure warehousing should look elsewhere, since the zoning does not accommodate them.

Disclaimer: this review is published for general information only and does not constitute investment, legal, tax or valuation advice. Figures marked with the ≈ symbol are reasoned estimates drawn from comparable evidence and public reporting, not verified published data. Tenure, zoning, floor areas, specifications, stamp duty rates and asking terms change over time and must be independently verified with JTC, the Urban Redevelopment Authority, IRAS and the landlord before any commitment is made. Neither the publisher nor the research desk accepts liability for decisions taken in reliance on this material.

© 2026 SG Commercial Property Insights. All rights reserved.

Back to Blog
WhatsApp