Development Property
On 30 May 2011, CMT, in partnership with CapitaMalls Asia Limited and CapitaLand Limited, won the tender for a site at Jurong Gateway with a bid of about S$969.0 million. CMT has a 30.00% stake in the joint venture developing the site.
The site has a prime location next to both Jurong East MRT Station and Jurong East Bus Interchange as well as neighbouring amenities such as the upcoming Ng Teng Fong General Hospital. The Urban Redevelopment Authority has announced plans to transform Jurong Lake District into the largest regional centre in Singapore for commercial developments outside the city centre. Jurong Gateway would be about 2.5 times the size of Tampines Regional Centre.
The new retail and office development, to be called Westgate, will continue the transformation of the area into an attractive destination for business and leisure serving more than 3,000 multinational and global businesses in the Jurong and Tuas areas. Including neighbouring towns such as Clementi, Bukit Batok, Jurong East and Jurong West, there is a catchment of more than one million residents.
The retail component, named Westgate, will target middle to upper-middle income families, commuters, residents in the vicinity, working professionals, hospital visitors and students from nearby schools. Its offerings from Basement 2 to Level 5 will meet the varied needs of shoppers. They will include international/high street fashion, information technology and electronics stores, a supermarket, food court and family restaurants. There will also be a themed play area on Level 4 while My First Skool, a pre-school by NTUC First Campus Co-operative Limited, and a gymnasium, will be on Level 5.
The prime office tower, named Westgate Tower, will be sited on top of the shopping mall and is expected to span 20 storeys (from levels 6 to 25). The design of Westgate Tower will feature efficient column-free floor plates of about 17,000 sq ft, which will allow for flexibility of workspace design. Additional features include a floor-to-ceiling height of about 2.8 metres, Grade A building lift provisions and an integrated security management system combining closedcircuit television and security card access. The office tower, which will be fully integrated with the mall and its suite of facilities, such as the childcare centre and gymnasium, offer a work-play environment within one development.
Ground-breaking for the Westgate project took place on 12 January 2012, seven months after the award of the site.
The total development cost for Westgate is expected to be about S$1,565.0 million. CMT’s 30.00% share of this cost is approximately S$469.5 million, which represents 5.1% of CMT’s total deposited property of S$9.2 billion as at 31 December 2011. As at 1 November 2011, Westgate’s land has been valued at S$969.0 million and CMT’s 30.00% share is S$290.7 million.
On 30 November 2011, the Infinity Mall Trust and Infinity Office Trust which are special purpose trusts established to hold the Westgate project, drew down S$650.0 million from the S$820.0 million secured banking facilities. CMT’s 30.00% share of the S$650.0 million five-year loan drawn down amounted to S$195.0 million.
- The estimated GFA includes bonus Green Mark area and civic and community institution space, subject to authority’s approval.
