SINGAPORE (Aug 28): Capitaland Mall Trust (CMT) announced it was acquiring the balance 70% of the units in Infinity Mall Trust (IMT) which holds Westgate mall.

CMT says the acquisition will increase exposure to the Jurong Lake District which is slated to be the second central business district in Singapore.

According to the draft masterplan from the Urban Redevelopment Authority, there are plans to create 100,000 jobs and build 20,000 homes in this area.

Tengah, the new HDB town of around 700ha which will have about 42,000 new homes when completed, will be connected to the Jurong East MRT station, which is located near the mall, via the future Jurong Region Line.

Read more on The Edge Singapore.