AEW pays $488m for Singapore office tower

AEW has agreed to buy Westgate Tower, a 20-story office tower in Singapore’s Jurong East, for S$680 million ($488.67 million), reported Business Times. The seller was Sun Venture Group.

The Singapore office market has bottomed out in 2021, as demand continues to recover amidst a flight to quality, according to Cushman & Wakefield. A resurgence of CBD class A office demand in 2021 shows that the office is still the best place to do business, albeit demand has become more quality-focused and dynamic, given a transformation of the role of the office. The office-demand landscape has seen a shift, with tech and finance tenants dominating and co-working