Tuan Sing Holdings has agreed to buy the companies that own the office units in Westgate Tower at 1 Gateway Drive, Singapore, for an agreed property value of S$600m (about US$469m), the company said on 23 October 2026.
Why Tuan Sing Holdings Limited (via Greenlane Land Pte. Ltd.) is buying Westgate Commercial Pte. Ltd. and Westgate Tower Pte. Ltd. (Westgate Tower office units)
Tuan Sing said the 305,000 sq ft building, with about 90% committed occupancy, adds recurring rental income to a Singapore portfolio that includes 18 Robinson and Dunearn Village, and raises its exposure to Jurong Lake District, planned as Singapore's largest business district outside the CBD.
“Westgate Tower represents a rare opportunity to acquire a high-quality Grade A commercial asset in Singapore at an attractive entry price.”
Deal terms and financing
Greenlane Land is buying 100% of Westgate Commercial and Westgate Tower from VIA IV (BVI) Holdco 8 Ltd. The consideration is based on the S$600m agreed property value, adjusted for net assets at completion, and is payable in cash. Tuan Sing paid a S$59m deposit on signing, having paid a S$1m refundable exclusivity fee in August.
Regulatory approvals and timing
SGX RegCo granted Tuan Sing waivers from Listing Manual rules 1015, 1014(2) and 107, subject to conditions. There are no conditions precedent and completion is due on 1 December 2026.
Market context
Mingtiandi reported that the seller is controlled by AEW's Value Investors Asia IV fund, which bought the tower in June 2022 for S$680m. The deal works out at about S$1,967 per sq ft.
