Skip Ribbon Commands
Skip to main content

News Release

Singapore

Sun Venture-Low Keng Huat tie-up to hold Westgate Tower for long term income

Sun Venture Homes and Low Keng Huat (Singapore), who have recently exercised the options to purchase Westgate Tower, have now formally commenced the leasing of this new office tower.


​​​SINGAPORE, 5 February 2014 – Sun Venture Homes and Low Keng Huat (Singapore), who have recently exercised the options to purchase Westgate Tower, have now formally commenced the leasing of this new office tower. The development is a 305,000 square feet prime Grade A office space located in the heart of Jurong Gateway, with direct link to MRT. The consortium purchased the asset on a 60:40 joint venture to build a strong base of long term recurrent income.

Westgate Tower is located next to Jurong East MRT interchange station and is part of an integrated development with a large retail mall. The 20-storey Green Mark Platinum Grade A office tower has efficient column-free floor plates of about 17,000 sq ft which will allow occupiers to enjoy flexibility and efficiency in their office design. There are numerous other key Grade A features such as a good floor to ceiling height of 2.8 metres, raised floor system and excellent quality finishes. The office tower will be fully integrated with the shopping mall (already operational and owned by CapitaMalls Asia, CapitaMall Trust and CapitaLand) and offers a host of retail amenities, F&B options and a gymnasium (from Basement 2 to Level 5). Besides its Grade A features and comprehensive amenities, Westgate Tower also enjoys direct access to the MRT via the mall and is only 20 minutes’ drive to the Central Business District (CBD).

The consortium has appointed Jones Lang LaSalle and CBRE as their joint sole leasing agents for Westgate Tower, which is scheduled to be completed by end-2014. When completed, the building will be a new icon in the Jurong area and will enhance the changing urban landscape there. Jurong Lake District is set to be a key regional business hub in Singapore.

Chris Archibold, International Director and Head of Markets at Jones Lang LaSalle commented: "Westgate Tower will be one of the first multi-tenanted Grade A office buildings in Jurong Lake District and we are confident that the government focus toward developing this district, coupled with the current demand for quality out of town space, will result in a strong level of demand for space in the development. This will be accentuated by the acute lack of decentralised Grade A office supply.​"

Alvin Teo, Director of Westgate Tower Pte. Ltd. commented: “We are very encouraged by the leasing enquiries in the past weeks from established occupiers in various industries, and are optimistic that we will be able to achieve desirable occupancy when the project completes.”

– ends –