CapitaLand Ltd. and two of its holdings said they plan to sell their stakes in a Singapore office tower for about S$579 million ($458 million).
A consortium, comprising Low Keng Huat Singapore Ltd. and Sun Venture Homes Pte, has up to Jan. 24 to exercise options to buy Westgate Tower, a 20-story office building that’s under construction in the western part of the island, according to a statement to the Singapore stock exchange.
The office tower is part of a development which includes a shopping mall that opened last month. CapitaMalls Asia Ltd. owns a 50 percent stake in the Westgate development, 30 percent is held by CapitaMall Trust and the rest by CapitaLand, Southeast Asia’s biggest developer.
The Westgate office building is scheduled to be completed by end-2014.