Maxwell House has been sold enbloc for $276.8 million. Brokered by Cushman & Wakefield, this is the first full commercial collective sale site and largest by value sold to-date this year. The buyer is a joint venture between CEL Development Pte Ltd, Singhaiyi Investments Pte Ltd and Chuan Investments Pte Ltd.
Located at No.20 Maxwell Road, Maxwell House is a 13-storey building comprising retail and showroom space on the ground and 2nd floors and office space from level 3 to level 13. It has a total site area of 3,883.3 sqm with a potential GFA of 21,746 sqm. Comprising some 145 strata units including the carpark, Maxwell House was launched for a second tender on 8 April 2021 at a lower reserve price of $268 million.
Ms. Christina Sim, Director of Capital Markets at Cushman & Wakefield said, “Interest in the site was robust as this was an opportunity to develop a mixed residential cum commercial building in the vibrant fringe of Chinatown and Tanjong Pagar. The additional uplift in the plot ratio from 4.3 to 5.6 in an Outline Advice given by the URA on 30 September 2020 has enhanced the attractiveness of the site as the URA embarks on a rejuvenation plan for certain precincts in the CBD to encourage a more ‘live-in’ community. Situated near the CBD and a charming enclave of conservation shophouses offering a plethora of entertainment, retail and F&B outlets, Maxwell House is poised to be one of the best ‘work-live-play’ developments in the central region.”
Kennedys Legal Solutions is the legal advisor for the sale, which is subject to the Strata Title Board’s approval. The specialist property team at Kennedys Legal Solutions providing ongoing advice on the sale is comprised of Partners Mr. Patrick Ee and Mr. Christopher Yong, and Ms. Amanda Tai, Senior Associate.