World · Singapore Bureau
Tuan Sing acquires Westgate Tower in Jurong for $600 million
The Singapore property developer has purchased the 20-storey office building, which boasts a 90% occupancy rate across 305,000 square feet of net lettable space. The acquisition marks a significant commercial real estate investment for the company.
LSN Singapore ·
Tuan Sing Holdings has completed the acquisition of Westgate Tower, a prime office building located in Jurong, for $600 million. The purchase reflects continued investor confidence in Singapore's commercial property market, particularly in established business districts.
The 20-storey tower comprises 305,000 square feet of net lettable area and currently maintains a 90% committed occupancy rate. This strong occupancy level demonstrates the building's appeal to tenants and its competitive positioning within the Jurong office market.
The acquisition is expected to enhance Tuan Sing's property portfolio and strengthen its presence in Singapore's commercial real estate sector. Jurong has emerged as a key office destination, attracting multinational corporations and regional headquarters seeking cost-effective alternatives to central business district locations.
The transaction underscores the resilience of Singapore's office market, with institutional investors and developers continuing to pursue quality assets in well-established commercial precincts. Westgate Tower's high occupancy rate and substantial lettable area make it an attractive long-term investment proposition.