Singapore and Hong Kong-CapitaLand Limited; CapitaMalls Asia Limited (SGX: JS8 and HKEx: 6813); and CapitaMall Trust Management Limited, the manager of CapitaMall Trust; announced today that they have granted options to a consortium 1comprising Sun Venture Homes Pte. Ltd. and Low Keng Huat (Singapore) Limited to purchase Westgate Tower for S$579.4 million. The consortium has up to 24 January 2014 to exercise the options.
Located in Jurong Gateway, Westgate Tower is the office component of the Westgate 2integrated development which also comprises the Westgate shopping mall. Westgate Tower is a 20-storey prime office tower with 304,963 square feet ("sq ft") of net saleable area, and is targeted to be completed in late 2014. Westgate is a seven-storey shopping mall with more than 250 stores from Basement 2 to Level 5, over a net lettable area of about 410,000 sq ft. It opened on 2 December 2013.
1. The consortium is purchasing through two special purpose vehicles, Westgate Commercial Pte. Ltd. and Westgate Tower Pte. Ltd.
2. CapitaLand owns a 20.0% stake in Westgate, while CapitaMalls Asia owns 50.0% and HSBC Institutional Trust Services (Singapore) Limited (as trustee of CapitaMall Trust) owns the remaining 30.0%.