LKH tie-up exercises options to buy Westgate Tower

A 60-40 consortium comprising Sun Ventures Homes and mainboard-listed Low Keng Huat (Singapore) has exercised its options to buy Westgate Tower from CapitaLand for $579.4 million.

The tie-up had been granted options to acquire the office strata units on levels 6 through 25 in the 99-year leasehold office tower earlier this month, and exercised those options yesterday.

The purchase of Westgate Tower is being made through the consortium's two associated companies: Westgate Commercial Pte Ltd and Westgate Tower Pte Ltd. A 5 per cent option deposit totalling some $29 million has already been paid.