51 Annual Report 2024 WESTGATE Westgate is CICT’s first greenfield project. Strategically located in Jurong Gateway, within the Jurong Lake District, Westgate is a premier lifestyle and family mall in the west of Singapore. It has excellent connectivity with direct access to Jurong East MRT station on the East-West Line and North-South Line, and the Jurong East bus interchange. Offering holistic and city lifestyle shopping experience with many popular brands, Westgate encompasses unique features such as a naturally ventilated courtyard, alfresco dining options, and a thematic children’s playground. As at 31 December 2023 2024 Valuation (S$ million) 1,100.0 1,127.0 Gross Floor Area (sq ft) 593,900 593,900 Net Lettable Area3 (sq ft) 409,700 410,000 Number of Tenants 250 250 Committed Occupancy (%) 98.9 99.5 Gross Revenue4 (S$ million) 72.6 75.5 Trade Mix5 (%) Food & Beverages 37.8 Beauty & Health 19.9 Fashion & Accessories 7.2 Digital & Appliance 5.8 Home & Living 5.5 Education 5.4 Books, Stationery & Gifts/ 4.2 Hobbies/ Sports Services 3.8 Leisure & Entertainment 3.6 Supermarket 3.4 Shoes & Bags 2.2 Kids 1.1 Jewellery & Watches 0.1 Property Information Address 3 Gateway Drive Land Tenure Leasehold tenure of 99 years with effect from 29 August 2011 Agreed Property Value 20111: S$227.5 million 20182: S$789.6 million Carpark Lots 610 Bicycle Lots 10 Green Ratings • BCA Green Mark Platinum • BCA Universal Design Mark Platinum Lease Expiry Profile5 (%) 22.4 24.5 11.0 10.0 0.5 31.6 2025 2026 2027 2028 2029 2030 and beyond Major Tenants6 BreadTalk Group Pte Ltd Green Olive Group Pte. Ltd. Paradise Group Holdings Pte. Ltd. 1 The integrated development site (land) was acquired in 2011 at S$969.0 million, of which S$758.3 million pertained to the retail component (30.0% interest at S$227.5 million). 2 The acquisition of the balance 70.0% of the units in Infinity Mall Trust which holds Westgate was completed on 1 November 2018, at an agreed property value of S$1,128.0 million, on a completed basis (70.0% interest at S$789.6 million). 3 Includes CSFS area. 4 Gross revenue comprises gross rental income, car park income and other income for the respective financial year. 5 As at 31 December 2024, based on committed gross rental income which excludes gross turnover rent. 6 Based on gross rental income for the month of December 2024 which excludes gross turnover rent.
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