THE property market is ringing in the new year in style - with a half a billion dollar investment deal.

A consortium including construction group Low Keng Huat has been granted options to purchase Westgate Tower for $579.4 million from CapitaLand, CapitaMall Trust and CapitaMalls Asia.

The consortium has up to Jan 24 to exercise the options.

Located in Jurong Gateway, Westgate Tower is the office component of the Westgate integrated development, which also comprises the Westgate shopping mall.

Westgate Tower is a 20-storey prime office tower with 304,963 sq ft of net saleable area, and is expected to be completed in late 2014.