{
  "id": 16191248,
  "title": "Tuan Sing to buy Westgate Tower in Jurong for $600m",
  "url": "https://urgent.news/2026/10/23/tuan-sing-to-buy-westgate-tower-in-jurong-for-600m",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-23T12:58:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/tuan-sing-to-buy-westgate-tower-in-jurong-for-600m"
  },
  "original_language": "en",
  "account": "Singapore's Tuan Sing is set to purchase Westgate Tower in Jurong East for $600 million, expanding its portfolio of income-generating properties. The sale and purchase agreement was signed by Greenlane Land, a wholly-owned subsidiary of Tuan Sing, on October 23. The property, located at 1 Gateway Drive, is owned by Greenlane Land and includes all commercial office units. The transaction is valued at 6.25% below the October 1 valuation of $640 million and 12% below the $680 million paid by investment manager AEW in 2022 when they acquired the tower from Sun Venture. The property, a 20-storey Grade A office asset, currently has a committed occupancy rate of around 90% and offers 295 strata-titled office units. Tuan Sing's CEO, William Liem, expressed flexibility regarding whether to sell the units individually or retain the building for rental income, prioritizing further occupancy improvement. The acquisition will increase Tuan Sing's net gearing from 1.01 times to 1.4 times, while providing flexibility in managing and positioning the asset long-term.",
  "summary": "The 20-storey office building has 90% committed occupancy across 305,000 sq ft of net lettable area.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}