AEW’s S$675m Westgate Tower purchase adds to Singapore office deals momentum

Indonesian tycoon Sukanto Tanoto, Bright Ruby Resources and CDL-BlackRock tie-up seen to have submitted revised offers for Income At Raffles. Baring Private Equity Asia is in exclusive due diligence for Parkview Square.

Kalpana Rashiwala

Published Wed, Jun 15, 2022 · 05:50 AM

Singapore offices

THE Singapore office investment sales market continues to gather momentum, notwithstanding headwinds from geopolitical uncertainty and rising interest rates.

Investor interest seems to be extending beyond the central business district (CBD).

The Business Times (BT) understands that US-based real estate investment manager AEW is buying Westgate Tower - a 20-storey office block near Jurong East MRT station - from Sun Venture Group for about S$675 million.

The price works out to slightly over S$2,200 per square foot on the net saleable area of 305,000 sq ft. Westgate Tower is on a site with some 88 years’ balance lease.

Back in the CBD, near Bugis MRT station, Baring Private Equity Asia (BPEA) has been doing exclusive due diligence for a potential purchase of Parkview Square, say sources. The price expectation is around S$900 million or around S$2,700 psf on the net lettable area (NLA) of 340,000 sq ft. The 24-storey art deco-style office development,…