Sun Venture-LKH tie-up buying Westgate Tower
Consortium to pay $579.4m or $1,900 psf for 99-year office block
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Kalpana Rashiwala
Singapore
A CONSORTIUM comprising Sun Venture Homes and Low Keng Huat (Singapore) has been granted an option to buy the Westgate Tower in Jurong Gateway from CapitaLand, CapitaMalls Asia and CapitaMall Trust for $579.4 million. This works out to about $1,900 per square foot based on the 99-year leasehold office tower's net saleable area of 304,963 sq ft.
Alvin Teo, managing director of the Sun Venture Group, which will be taking a 60 per cent stake in the consortium making the purchase, told BT last night that the plan is to hold the asset long term for rental income. A marketing agent will be appointed in the coming weeks to help find tenants for the 20-storey office tower, which is slated to receive Temporary Occupation Permit by year end.
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