Maxwell House at No. 20 Maxwell Road Singapore for sale via a second public tender at a lower reserve price. Cushman & Wakefield are the appointed property consultants for the collective sale. 

Maxwell House is built on a trapezoidal island plot with views from all four sides of the building. It is currently a 13-storey commercial building and has a site area of 3,883.3 sq m (approximately 41,799 sq ft). Under the Master Plan 2019, the site is zoned “Commercial” with a plot ratio of 4.3.

Cushman & Wakefield, the appointed property consultants for the collective sale has confirmed that owners holding not less than 80 per cent by strata area and share values have agreed to put the property on the market at a revised reserve price of $268 million. The reserve price at the first launch was $295 million.

According to Cushman & Wakefield, the URA had, in an advice given on 30 September 2020, stated that they will support a mixed-use “Commercial & Residential” development with a plot ratio of 5.6 and a gross floor area of 21,746.48 sq m (approximately 234,077 sq ft). This results in an uplift of the plot ratio by some 30%, subject to a successful rezoning. The commercial quantum shall not exceed 20% of the total GFA. The allowable building height has been increased to 75m SHD or approximately 21 storeys high for the tower block.

Assuming 80% of the total GFA is for residential use and the remaining 20% GFA is for commercial use, the blended land rate works out to approximately $1,565 per square foot per plot ratio (psf ppr), after factoring in the 7% bonus balcony for the residential component plus the differential premium and an estimated lease upgrading premium for the site to a fresh 99 years.

20 Maxwell Road is one of the rare residential plots to be put on the market, especially in a location where there are mostly retail, F&B outlets and office users. Located at the fringe of the CBD juxtaposed with the charming enclave of Tanjong Pagar and Chinatown, it enjoys the diversity from the old world charm of the conservation shophouses as well as the contemporary feel of the gleaming skyscrapers of Guoco Tower and hotels in the vicinity. The expected completion of the Maxwell MRT Station, which is part of the Thomson-East Coast line in 2023 will enhance the connectivity and accessibility to the site.

According to Ms Christina Sim, Director of Capital Markets at Cushman & Wakefield, “The launch of the earlier tender in September 2020 was uneventful as the market was still reeling from the economic fallout due to COVID-19. The progressive roll-out of vaccines and the gradual return to business normalcy has sparked hopes for 2021 and much brighter days ahead. Furthermore, the real estate market is now embarking on a path of recovery with developers looking at land banking again. Investors are coming back into action and confidence is returning to the market. With these encouraging signs, we expect interest in this site to be robust.

Maxwell House is expected to be well received as there is a dearth of residential development land in this part of the business and heritage district. With the surrounding neighborhood filled with a plethora of entertainment and retail outlets plus a smorgasbord offering of much-loved Singaporean food, it will be one of the best ‘work-live-play’ sites in Singapore.

The tender for 20 Maxwell Road will close on Thursday, 6 May 2021 at 3.00pm.

To request for a copy of the Information Memorandum please email the marketing agent Christina Sim Cushman & Wakefield via the contact form below.