A fund managed by AEW has agreed to sell Westgate Tower, an office building in Singapore’s Jurong East area, to local developer Tuan Sing for S$600 million (US$469.0 million), according to Mingtiandi, which reported the deal on 25 October 2026. The price is 12% below the S$680 million AEW paid for the same property in 2022 — a drop from S$2,230 per square foot to S$1,967 per square foot for the 305,000-square-foot, 20-storey tower.
The buyer, a unit of Tuan Sing, signed a share purchase agreement on 24 October 2026 for the companies that own the tower, with the deal expected to complete by 1 December 2026. JLL advised AEW on the sale; the agreed price sits 6.25% below a S$640 million valuation by Edmund Tie & Company as of 1 October 2026. Tuan Sing CEO William Liem said Westgate’s “strong occupancy, established tenant base and strategic location in the Jurong Lake District” would strengthen the group’s recurring income, and that the tower’s strata-titled structure gives Tuan Sing flexibility to sell individual floors and units later. The tower is about 90% occupied, with tenants including Mercedes-Benz, Daimler Truck South East Asia and the French chemicals company Arkema; it sits on a 99-year leasehold that began in August 2011 and carries Green Mark Platinum sustainability certification.
Mingtiandi notes the deal follows other recent large Singapore commercial transactions, including Wharf REIC’s sale of Wheelock Place and Scotts Square on Orchard Road for a combined S$1.4 billion, and a BlackRock–YTL Hotels joint acquisition from Frasers Properties for S$330 million — part of what the outlet describes as a broader surge in Singapore commercial property deals this year.
For anyone benchmarking Singapore commercial real estate values rather than residential prices, a 12% markdown on a single named building over four years is a more concrete reference point than most market-wide commentary — though it is one transaction in one submarket (Jurong Lake District), not a city-wide price index.
