20 Oct Westgate Tower welcomes CPG Corporation as office tenant
Biggest office leasing deal for a new suburban project
The Business Times reported today that CPG Corporation has signed a 83,000sqft office leasing deal at Westgate Tower. The reported 10 years lease signed is the biggest ever office leasing deal for a new suburban project.
Other confirmed tenants at Westgate Tower include,
Westgate Tower, which received its Temporary Occupation Permit this month, is located beside Jurong East MRT station in the area known as Jurong Gateway. Under URA’s master plan, Jurong Gateway is slated to become the largest commercial hub outside the CBD. Companies and businesses wishing to relocate to Jurong Gateway to take advantage and ride on Jurong Gateway’s growth story right now have the new Westgate Tower and JEM to turn to. Office space at these two locations are purely for leasing and not for sale. They are both owned by single corporate entity. Westgate Tower is owned by a joint venture between Sun Venture and Low Keng Huat while Lend Lease owns JEM.
Vision Exchange, a new commercial project in Jurong Gateway, will come on stream in 2017/2018. Vision Exchange remains the one and only commercial strata title project in Jurong Gateway that is available for purchase by both investors and end users alike. Consisting mainly office units and some medical suites and F&B units, end users like SMEs would find it attractive to purchase the office units at Vision Exchange for their own use. They will also get to ride on the potential asset capital appreciation as the whole Jurong Gateway takes off.
The profiles of the incoming tenants at Westgate Tower already shows the changing business landscape in Jurong Gateway. With a number of key strategic developments still to come, the investment potential this locale offers is indeed very attractive. At this moment, the SG-KL high speed rail also looks highly likely to end up in Jurong – the high speed rail would act as a powerful catalyst to realise the government’s aspirations for Jurong.