Singapore Reporter

SINGAPORE — CapitaLand, CapitaMalls Asia and CapitaMall Trust have agreed to sell Westgate Tower to a consortium comprising Low Keng Huat (LKH) and Sun Venture Homes for S$ 579.4 million.

The buyers have three weeks to exercise the options, which expire on Jan 24, the CapitaLand group of companies said in a joint statement yesterday.

Located in Jurong Gateway, Westgate Tower is the office component of the Westgate integrated development that includes the Westgate shopping mall. Westgate Tower, a 20-storey prime office building with 304,963 sq ft of net saleable area, is scheduled to be completed late this year.

The seven-storey Westgate mall opened on Dec 2 last year. With more than 250 stores from Basement 2 to Level 5, the mall has a net lettable area of about 410,000 sq ft. SGX-listed LKH, a building contractor and investment holding firm, manages projects, trades construction materials, invests in properties and provides management services through its subsidiaries. Sun Venture Homes is part of the Sun Venture group of companies that own and manage prime commercial real estate in Singapore.

In a filing with the Singapore Exchange yesterday, LKH said it would own 40 per cent of Westgate Tower, while Sun Venture Homes will hold the other 60 per cent after the deal is completed. LKH said the purchase is a long-term investment which would be funded by internal resources and loans.