# Tuan Sing is buying Westgate Tower in Jurong Lake District for $600 mil

- **Source:** EdgeProp Singapore
- **Published:** 2026-10-23T08:24:27.000Z
- **Author:** Fiona Lam
- **Original:** https://www.edgeprop.sg/property-news/tuan-sing-buying-westgate-tower-jurong-lake-district-600-mil
- **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets

## Featured rationale

The 90%-occupied tower could strengthen Tuan Sing’s recurring income while its 295 strata units provide flexibility to unlock value through individual sales when conditions permit.

## AI summary

Tuan Sing will acquire Westgate Tower for $600 million, a 6.25% discount to its $640 million valuation, with completion expected on Dec 1, 2026.

## Original article

Real estate development, investment and hospitality group Tuan Sing Holdings Limited will purchase premium Grade A office property Westgate Tower in Jurong Lake District at an agreed property value of $600 million — a discount of 6.25% to its latest valuation.

Its wholly-owned subsidiary Greenlane Land has inked a sale and purchase agreement to fully acquire two entities — Westgate Commercial Pte Ltd and Westgate Tower Pte Ltd — that collectively own all the commercial office units in the property located at 1 Gateway Drive.

Westgate Tower spans about 305,000 sq ft of net lettable area across 20 storeys, comprising 295 strata-titled office units with a committed occupancy rate of around 90%.

Read also: Lucerne Grand 61.4% sold with overall project pricing averaging $2,480 psf

It is part of a mixed-use development that includes the seven-storey Westgate Mall, with a site area of 17,589.6 sq m (about 189,333 sq ft) and a 99-year leasehold tenure with about 84 years remaining.

The strata-titled structure will provide Tuan Sing with “significant and rare” flexibility in how it manages and positions the asset over the long term, the Singapore-listed firm said in an Oct 23 bourse filing.

This is given that the strata units can potentially be sold individually to realise and unlock value progressively, or the group could retain them as a whole for stable recurring income, depending on market conditions and its investment strategy.

The established office tenant base also enables the group to generate an additional source of rental income.

With the acquisition, Tuan Sing will strengthen its portfolio of income-generating investment properties in Singapore while increasing the group’s exposure to the Jurong Lake District, which is poised to become the country’s biggest business district outside of the CBD.

Its existing investment property portfolio in the city-state includes 18 Robinson with offices and retail spaces in the CBD, Dunearn Village shopping mall (formerly known as Link@896) on Dunearn Road, and The Oxley commercial and residential development in District 9.

Read also: Leasing kicks off at One Comcentre office and retail hub, with 1ha elevated park in heart of Orchard

William Liem, chief executive of Tuan Sing, described it as “a rare opportunity to acquire a high-quality Grade A commercial asset in Singapore at an attractive entry price”.

Westgate Tower’s agreed price tag of $600 million is below the independent valuation of the strata lots of $640 million as at Oct 1, 2026, determined using the income capitalisation method and discounted cash flow analysis. That works out to a discount of 6.25%.

The sellers of the two entities that own the strata units are a consortium comprising Low Keng Huat (Singapore) and Sun Venture Homes.

Back in 2014, the developers of the Westgate retail-and-office project — CapitaLand, CapitaMalls Asia and CapitaMall Trust — had sold the office tower to the consortium for $579.4 million. That translated to about $1,900 psf based on net saleable area.

Tuan Sing said its acquisition is expected to complete on Dec 1, 2026 or such other date as may be agreed between the parties.

Read also: Keppel Reit to sell Seoul CBD office building at KRW348.8 bil property value, 37.2% above purchase price

## Chinese translation

> Translation model: grok_cli

### 端胜以6亿新元收购裕廊湖区Westgate Tower

这座甲级办公楼位于裕廊湖区，毗邻商场，拥有295个分层地契办公单位。

房地产开发、投资及酒店集团端胜控股有限公司（Tuan Sing Holdings Limited）将以6亿新元的协定物业价值，购入位于裕廊湖区的优质甲级办公物业Westgate Tower——较其最新估值折让6.25%。

其全资子公司Greenlane Land已签署买卖协议，全面收购Westgate Commercial Pte Ltd及Westgate Tower Pte Ltd这两家实体；二者共同拥有位于1 Gateway Drive该物业的全部商业办公单位。

Westgate Tower楼高20层，净可出租面积约305,000平方英尺，包含295个分层地契办公单位，已承诺出租率约为90%。

延伸阅读：Lucerne Grand已售出61.4%，项目整体定价平均为每平方英尺2,480新元

它属于一个包含七层Westgate Mall的综合用途发展项目，占地面积17,589.6平方米（约189,333平方英尺），地契为99年租赁地契，剩余年限约84年。

这家新加坡上市公司在10月23日的交易所公告中表示，分层地契结构将为端胜在长期管理及定位该资产的方式上，提供“显著且罕见”的灵活性。

这是因为，视市场状况及其投资策略而定，这些分层单位有可能逐套出售，以逐步变现并释放价值，集团也可将它们整体保留，以获取稳定的经常性收入。

既有的办公租户基础也使集团能够获得额外的租金收入来源。

通过此项收购，端胜将加强其在新加坡的收益型投资物业组合，同时提高集团对裕廊湖区的敞口；该区有望成为本国中央商务区以外最大的商业区。

其在这个城邦的现有投资物业组合包括位于中央商务区、兼具办公及零售空间的18 Robinson，Dunearn Road上的Dunearn Village购物商场（前称Link@896），以及第9邮区的The Oxley商业与住宅发展项目。

延伸阅读：One Comcentre办公及零售枢纽启动招租，乌节核心设有1公顷架空公园

端胜首席执行官William Liem将其形容为“以具吸引力的入场价格，在新加坡收购优质甲级商业资产的罕见机会”。

Westgate Tower 6亿新元的协定价格，低于分层单位截至2026年10月1日6.4亿新元的独立估值；该估值采用收入资本化法及折现现金流分析厘定。据此折算，折让幅度为6.25%。

拥有这些分层单位的两家实体的卖方，是由Low Keng Huat (Singapore)及Sun Venture Homes组成的财团。

早在2014年，Westgate零售及办公项目的发展商——CapitaLand、CapitaMalls Asia及CapitaMall Trust——已以5.794亿新元将该办公楼售予该财团。按净可售面积计算，约合每平方英尺1,900新元。

端胜表示，此项收购预计于2026年12月1日完成，或于双方可能约定的其他日期完成。

延伸阅读：Keppel Reit将以3488亿韩元（KRW348.8 bil）的物业价值出售首尔中央商务区办公楼，较购入价高出37.2%