View Full Version : CPG inks 83,000 sq ft lease at Westgate Tower
More jobs are moving to the West...BEWARE!!
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IN THE biggest office leasing deal for a new suburban project so far this year, CPG Corporation has taken a lease of 83,000 sq ft at Westgate Tower next to Jurong East MRT Station. The group will move out from Novena Square, where it occupies its present office of about 80,000 sq ft under a lease that expires in Q1 2016.
The infrastructure and building development and management services provider, formerly the Public Works Department (PWD) of Singapore, is expected to move into Westgate Tower in the fourth quarter of next year. CPG is said to have inked a 10-year lease.
Westgate Tower, a Green Mark Platinum building with Grade A office specifications, received Temporary Occupation Permit earlier this month and the owner, a joint venture between Sun Venture and Low Keng Huat, is likely to start handing space to tenants in December.
Including the CPG lease, about 60 per cent of Westgate Tower is leased.
JLL brokered the CPG leasing deal. Its head of leasing Chris Archibold said: "We are a strong believer in the Jurong story as a successful new out-of-town office hub, given its transportation links, volume of retail and presence of a large residential catchment." He also sees strong demand for the space CPG is vacating in Novena Square, given that the area has always been popular among occupiers.
Other tenants that have signed up at Westgate Tower include serviced office operator Just Office, Lockheed Martin, United Overseas Bank, MEA Technologies, Future Lab and Joss Offshore which is involved in the shipping business.
CPG will occupy the top five office floors (levels 21 to 25) in Westgate Tower, which has 20 levels of offices totalling about 305,000 sq ft net lettable area. Asking rents in the building are between S$6.50 and S$6.90 per square foot a month, depending on the square footage requirement and the level.
Offices span levels six to 25 of the 27-storey building. The office lobby is on level two. Office floor plates at Westgate Tower are about 8,700 sq ft-8,800 sq ft (on levels six to eight) and 15,855-16,700 sq ft on levels nine to 25.
The building's Grade A office specs include a good floor-to-ceiling height of 2.8 metres and raised floor system.
The office tower is part of the mixed development Westgate project developed by CapitaLand, CapitaMalls Asia and CapitaMall Trust.
In January, the trio sold the 20 levels of offices to the Sun Venture-Low Keng Huat tie-up at S$579.4 million, which works out to about S$1,900 per square foot (psf) of net saleable area. The seven-storey shopping centre in the Westgate project opened its doors in December last year.
http://www.businesstimes.com.sg/real-estate/cpg-inks-83000-sq-ft-lease-at-westgate-tower
CPG inks 83,000 sq ft lease at Westgate Tower
By Kalpana Rashiwala
[email protected]@KalpanaBT
20 Oct
IN THE biggest office leasing deal for a new suburban project so far this year, CPG Corporation has taken a lease of 83,000 sq ft at Westgate Tower next to Jurong East MRT Station. The group will move out from Novena Square, where it occupies its present office of about 80,000 sq ft under a lease that expires in Q1 2016.
The infrastructure and building development and management services provider, formerly the Public Works Department (PWD) of Singapore, is expected to move into Westgate Tower in the fourth quarter of next year. CPG is said to have inked a 10-year lease.
Westgate Tower, a Green Mark Platinum building with Grade A office specifications, received Temporary Occupation Permit earlier this month and the owner, a joint venture between Sun Venture and Low Keng Huat, is likely to start handing space to tenants in December.
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Including the CPG lease, about 60 per cent of Westgate Tower is leased.
JLL brokered the CPG leasing deal. Its head of leasing Chris Archibold said: "We are a strong believer in the Jurong story as a successful new out-of-town office hub, given its transportation links, volume of retail and presence of a large residential catchment." He also sees strong demand for the space CPG is vacating in Novena Square, given that the area has always been popular among occupiers.
Other tenants that have signed up at Westgate Tower include serviced office operator Just Office, Lockheed Martin, United Overseas Bank, MEA Technologies, Future Lab and Joss Offshore which is involved in the shipping business.
CPG will occupy the top five office floors (levels 21 to 25) in Westgate Tower, which has 20 levels of offices totalling about 305,000 sq ft net lettable area. Asking rents in the building are between S$6.50 and S$6.90 per square foot a month, depending on the square footage requirement and the level.
Offices span levels six to 25 of the 27-storey building. The office lobby is on level two. Office floor plates at Westgate Tower are about 8,700 sq ft-8,800 sq ft (on levels six to eight) and 15,855-16,700 sq ft on levels nine to 25.
The building's Grade A office specs include a good floor-to-ceiling height of 2.8 metres and raised floor system.
The office tower is part of the mixed development Westgate project developed by CapitaLand, CapitaMalls Asia and CapitaMall Trust.
In January, the trio sold the 20 levels of offices to the Sun Venture-Low Keng Huat tie-up at S$579.4 million, which works out to about S$1,900 per square foot (psf) of net saleable area. The seven-storey shopping centre in the Westgate project opened its doors in December last year.
Cannot afford the lease at Novena and therefore goes to JLD. Is it obvious? Beware! Sometimes it is not the quantity but the quality. That is the different between the different classes.
More jobs are moving to the West...BEWARE!!
Cannot afford the lease at Novena and therefore goes to JLD. Is it obvious? Beware! Sometimes it is not the quantity but the quality. That is the different between the different classes.
Do you know how much they are paying for Novena at the moment?
Westgate rent is not cheap btw, @ around $6 to 7psf, that will amount to about $300k in rental per month for the company.
Have you ever consider the fact this could be the result of BCA moving to JLD?
You didnt teach your kids not to make wild speculation?
Bro, BCA is leasing their space from URA. It is not free even though BCA is one of the agencies under MND. I will guide my kids to make calculative speculation. It is more realistic.
Do you know how much they are paying for Novena at the moment?
Westgate rent is not cheap btw, @ around $6 to 7psf, that will amount to about $300k in rental per month for the company.
Have you ever consider the fact this could be the result of BCA moving to JLD?
You didnt teach your kids not to make wild speculation?
More jobs? This is not a new entrant to Spore, lol.
Bro, BCA is leasing their space from URA. It is not free even though BCA is one of the agencies under MND. I will guide my kids to make calculative speculation. It is more realistic.
Again, you are trying to comment on things which you are clueless. Just let me correct you again.
a) MND has signed a 30years lease with JEM for the entire building which is to be occupied by MND, BCA and AVA. BCA is actually renting from JEM landlord not URA.
b) URA has never had any intention to move to JEM it was MND. So I have no idea why you are talking about URA in the first place.
c) MND has decided to delay their move to JEM, (not cancelled) as they dont have immediate revdelopment plan for existing URA site. And they have already engage property agents to help sublet part of JEM.
Please also teach your kids to get the facts right before comment and not to poke their nose into something which they are clueless
More jobs? This is not a new entrant to Spore, lol.
Please read what I wrote. I said more job MOVING TO THE WEST.
LOL.
It was reported that URA supposed to move but because of the convenient location in town where they can attact more tourists and/or special visitors.
Again, you are trying to comment on things which you are clueless. Just let me correct you again.
a) MND has signed a 30years lease with JEM for the entire building which is to be occupied by MND, BCA and AVA. BCA is actually renting from JEM landlord not URA.
b) URA has never had any intention to move to JEM it was MND. So I have no idea why you are talking about URA in the first place.
c) MND has decided to delay their move to JEM, (not cancelled) as they dont have immediate revdelopment plan for existing URA site. And they have already engage property agents to help sublet part of JEM.
Please also teach your kids to get the facts right before comment and not to poke their nose into something which they are clueless
Bro, You may want to get your facts right before poking at people. How can Westgate be more expensive?
Look at the rental of Novena Tower where CPG is currently located. Extracted from Property Guru:
For Rent - Novena Square - Tower A (D11)
238A Thomson Road
Listed on Oct 20, 2014
(Negotiable)
S$ 9.49 psf (built-up)
1991 sqft / 185 sqm (built-up)
Too expensive for BCA and AVA eventhough it is from left to right pocket. They are taxpayer's money.
Do you know how much they are paying for Novena at the moment?
Westgate rent is not cheap btw, @ around $6 to 7psf, that will amount to about $300k in rental per month for the company.
Have you ever consider the fact this could be the result of BCA moving to JLD?
You didnt teach your kids not to make wild speculation?
The lower rental rate for commercial buildings in OCR also applies to condos that have paid high $psf in OCR too. BEWARE!
Bro, You may want to get your facts right before poking at people. How can Westgate be more expensive?
Look at the rental of Novena Tower where CPG is currently located. Extracted from Property Guru:
For Rent - Novena Square - Tower A (D11)
238A Thomson Road
Listed on Oct 20, 2014
(Negotiable)
S$ 9.49 psf (built-up)
1991 sqft / 185 sqm (built-up)
Too expensive for BCA and AVA eventhough it is from left to right pocket. They are taxpayer's money.
Allthepies
20-10-14, 18:42
Both Jurong East and Downtown Core has high chance of growth.... I'm vested in both locations : ) : ) huat ah huat ah
It was reported that URA supposed to move but because of the convenient location in town where they can attact more tourists and/or special visitors.
Sorry to say, you read it wrongly. It was MND that is supposed to move. They are delaying the move.
BCA and AVA will moving into JEM helm by very capable people.
Again, please get your fact right before comment.
Bro, You may want to get your facts right before poking at people. How can Westgate be more expensive?
Look at the rental of Novena Tower where CPG is currently located. Extracted from Property Guru:
For Rent - Novena Square - Tower A (D11)
238A Thomson Road
Listed on Oct 20, 2014
(Negotiable)
S$ 9.49 psf (built-up)
1991 sqft / 185 sqm (built-up)
Too expensive for BCA and AVA eventhough it is from left to right pocket. They are taxpayer's money.
Again please get your fact right before posting.
a) what I said what Westgate is not cheap, did I say that Westgate is more expensive?? No you made that up.
b) You are using a 1991sqft rent price for comparison. Is that realistic?
c) Please dont speculate about the intention of move or not to move, what is more important is that jobs are moving to the west because of JLD.
Allthepies
20-10-14, 18:57
Anyone who is scared and want to let go of your J-Gateway unit 10% or more below your purchase price, please let me know. I'm interested.
Bro, it is not vacant job. Infrastructure will be stressed. I know the CPG CEO and their reasons.
Again please get your fact right before posting.
a) what I said what Westgate is not cheap, did I say that Westgate is more expensive?? No you made that up.
b) You are using a 1991sqft rent price for comparison. Is that realistic?
c) Please dont speculate about the intention of move or not to move, what is more important is that jobs are moving to the west because of JLD.
At 25% discounts is more realistic.
Anyone who is scared and want to let go of your J-Gateway unit 10% or more below your purchase price, please let me know. I'm interested.
Bro, it is not vacant job. Infrastructure will be stressed. I know the CPG CEO and their reasons.
There is no need to brag about your connection or who you know etc, the fact of the matter is that there are many thousands of jobs is moving to JLD
and it can only be a good thing for investors. So please dont waste your time trying to speculate on other irrelevant stuffs.
Infrastructure will be stress for sure, but that can only mean more infrastructure project and bigger plans coming.
You should find out how many new jobs are created there and not existing job with more commuting to JLD to work. It will only be more congested and strain on the infrastructure, and F&B becoming more expensive with rising rent. It is not socially viable. All of us are speculating here but one has to put it in the right context with some level of realistic dimensions.
There is no need to brag about your connection or who you know etc, the fact of the matter is that there are many thousands of jobs is moving to JLD
and it can only be a good thing for investors. So please dont waste your time trying to speculate on other irrelevant stuffs.
Infrastructure will be stress for sure, but that can only mean more infrastructure project and bigger plans coming.
You should find out how many new jobs are created there and not existing job with more commuting to JLD to work. It will only be more congested and strain on the infrastructure, and F&B becoming more expensive with rising rent. It is not socially viable. All of us are speculating here but one has to put it in the right context with some level of realistic dimensions.
When more high paying jobs move into JLD, more people will move nearer to JLD and this will spike the property prices and rent around the region due to the law of supply and demand.
That is the whole idea of the property game so please dont waste time talking about stuffs which are irrelevant.
YOu have to understand both the macro and micro environment. What kind of new jobs are created? What kind of high-paying job? Is it Finance, Engineering, or Service related industry. High paying job is relative. Hence, it goes back to basic. What will be the likely theme of JLD? Otherwise, it will just be a JL Dream and can become nighmare when woken up. BEWARE!
When more high paying jobs move into JLD, more people will move nearer to JLD and this will spike the property prices and rent around the region due to the law of supply and demand.
That is the whole idea of the property game so please dont waste time talking about stuffs which are irrelevant.
YOu have to understand both the macro and micro environment. What kind of new jobs are created? What kind of high-paying job? Is it Finance, Engineering, or Service related industry. High paying job is relative. Hence, it goes back to basic. What will be the likely theme of JLD? Otherwise, it will just be a JL Dream and can become nighmare when woken up. BEWARE!
I believe my understanding of macro and micro economic is much better than you and thats the reason why I dont use words like PEOPLEWARE to describe human capital, nor do I waste my time tracking irrelevant stuffs like how many new jobs how many old jobs etc.
As I have already said before, JLD has got no theme because its not a one trick pony. The masterplan is to develop JLD into the largest commercial eco system outside CBD and the blueprint of JLD is clearly stated in the masterplan, so please stop asking nonsensical question about dream and nightmare.
I said Environment and not Economics. Read my posting again
I believe my understanding of macro and micro economic is much better than you and thats the reason why I dont use words like PEOPLEWARE to describe human capital, nor do I waste my time tracking irrelevant stuffs like how many new jobs how many old jobs etc.
As I have already said before, JLD has got no theme because its not a one trick pony. The masterplan is to develop JLD into the largest commercial eco system outside CBD and the blueprint of JLD is clearly stated in the masterplan, so please stop asking nonsensical question about dream and nightmare.
Allthepies
21-10-14, 13:35
I feel 2/3/4 bedders units will be a better fit for JLD... ie targeting home owners.
I said Environment and not Economics. Read my posting again
You said I have to understand Marcro and Micro Environment.
May I know what exactly are you trying to say here? Some newly invented property terminology like PEOPLEWARE to confused yourself?
Environment is the physical space. It is about Human and space interaction.
You said I have to understand Marcro and Micro Environment.
May I know what exactly are you trying to say here? Some newly invented property terminology like PEOPLEWARE to confused yourself?
Environment is the physical space. It is about Human and space interaction.
I didnt ask your about environment. I am asking your about MICRO and MACRO Environment.
Can you please elaborate?
Micro is at the building scale and Macro is the precinct scale. You really do not know much about urban planning then.
I didnt ask your about environment. I am asking your about MICRO and MACRO Environment.
Can you please elaborate?
Micro is at the building scale and Macro is the precinct scale. You really do not know much about urban planning then.
I hope this is not just some academic jargon that you float around but have no clue what you talking about here.
Perhaps you can tell us how much do you understand the micro and macro environment of JLD compare to those of other commercial center like shenton way or Marina Bay?
I am sorry that this is not a forum for lecture and anyway my rate is at least $600/hr. There are lots of information in the internet.
I hope this is not just some academic jargon that you float around but have no clue what you talking about here.
Perhaps you can tell us how much do you understand the micro and macro environment of JLD compare to those of other commercial center like shenton way or Marina Bay?
I am sorry that this is not a forum for lecture and anyway my rate is at least $600/hr. There are lots of information in the internet.
Sounded more like you are clueless than anything else. Just plain excuses.
Next time dont have big feet dont wear big shoes
Bro, I have already given you so much tips in the various threads and yet you said I am clueless. I am doing charity without charge. Go and reflect first before moving on.
Sounded more like you are clueless than anything else. Just plain excuses.
Next time dont have big feet dont wear big shoes
Bro, I have already given you so much tips in the various threads and yet you said I am clueless. I am doing charity without charge. Go and reflect first before moving on.
The only tips that I have learn from you is not to brag about something which you dont own and talking about things which you are clueless.
Thanks for the tips and volunteering yourself.
It is your own self reflection statement.
The only tips that I have learn from you is not to brag about something which you dont own and talking about things which you are clueless.
Thanks for the tips and volunteering yourself.
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