Maxwell House sold as a whole to Chip Eng Seng SingHaiyi, for $276.8m – above the asking rate
Maxwell House owners, who have been in business since 1971, had a second chance at luck with their collective bid. They were able to sell the house for $276.8 millions, over their asking price of $268 million.
The building at 20 Maxwell Road, which was originally listed at $295 million as a reserve in September 2020 was reduced in April of this year.
The collective sale tender of the 13-storey development, comprising 145 strata apartments, was awarded on Friday (7 May) to an entity of the Singapore listed SingHaiyi Investments and Chip Eng Seng Corp, as well as Chuan Investments. These three companies jointly bid for this property.
The sale of Strata Titles is subject to the approval of the Strata Titles Board as well as other conditions.
The joint bidders will ask the Singapore Land Authority for an in-principle agreement to grant a new 99-year lease on the building. Its tenure started in June 1969.
Chip Eng Seng informed the Singapore Exchange Friday that the Urban Redevelopment Authority has approved the redevelopment of the site to become a mixed-use commercial and residential development. The site will have a minimum gross plot ratio (5.6) and a maximum gross floor surface area (21,746.48 sq. m.). Up to 20% of the gross floor space will be commercial.
The property, which is located on a trapezoidal plot of 41,799 square feet, has a plot-ratio of 4.3 and is zoned as “commercial”.
The closest dining and entertainment area is along Tras Street and Duxton Hill.
It is located at the edge of the Tanjong Pagar Planning Area and will benefit from the revitalization of the area along with the development planned of the Greater Southern Waterfront Precinct.
[Updated 2023]: The project name of former Maxwell House had been confirmed as TMW Maxwell.