CapitaLand group sells Westgate Tower for a whopping $579.4m

It's a 20-storey prime office building.

According to OSK, CapitaLand, CapitaMalls Asia and CapitaMall Trust have agreed to sell Westgate Tower to a consortium comprising Low Keng Huat (LKH) (40%) and Sun Venture Homes (60%) for SGD579.4m in which the buyers have three weeks to exercise the options which expires on Jan 24 2013.

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Westgate Tower is the office component of the Westgate integrated development that includes the seven storey Westgate shopping mall with more than 250 stores from Basement 2 to Level 5, the mall has a net lettable area of about 410,000 sq ft. 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.