Maxwell House Singapore Commercial En Bloc Sale 2020

Maxwell House Singapore Commercial En Bloc Sale 2020

Read the Latest News Here: Maxwell House Singapore Sold En Bloc

Maxwell House Singapore, a prime commercial site in District 1 has launched for en bloc sale via a public tender.

This news was made public recently by Cushman & Wakefield, the property consultant appointed for the sale.

The commercial property has been put up for sale after 80% of owners holding share value and strata area agreed to the amount of S$295 million as reserve price.

The 13-storey office building is situated at 20 Maxwell Road and is a structurally a trapezoidal island plot that has views on all sides.

Covering an area of 41,801 sq ft, the plot is marked for commercial use according to the 2019 Master Plan by the Urban Redevelopment Authority (URA). The plot ratio is 4.3.

In January, 2019, URA had brought out an advice that it would support mixed-use residential and commercial development for this site with a gross floor area (GFA) of 234,086 square feet and plot ratio of 5.6, said Cushman and Wakefield.

When this plot has been successfully rezoned, the gross plot ratio will also increase by about 30%.

Built in 1971, Maxwell House Singapore has a tenure of 99-year leasehold which started in 1969.

Maxwell House – Redevelopment and Usage

As for mixed-use redevelopment, the commercial quantum cannot exceed more than 20% of the (GFA) total gross floor area.

Considering this, even if 80% of the gross floor area is used for residential purpose and the rest for commercial purpose, the combined land rate will turn out to be S$1,691 psf per plot ratio.

This include an additional increase in the balcony area of about 7% in the residential area along with an estimated lease upgrade and differential premium after factored in, said Cushman and Wakefield.

The property consultants also added that the building height can be increased to 21 storeys for the tower block or by 75 meters above mean sea level.

Cushman & Wakefield also suggested that if the authorities approve, Maxwell House may also be redeveloped for hotel purpose with 5.6 as plot ratio.

According to the property consultants, if Maxwell House is converted into a hotel then its land rate will go up to S$1,998 per square foot per plot ratio which will include differential premium along with a projected lease upgradation premium.

District 1 Biggest Commercial Sales So Far in 2020

AXA Tower Singapore Commercial Space SOLD to Alibaba Group

2 Good News in District 1 That Happened this Year 2020

Alibaba Group, the Famous Chinese E-Commerce Giant Bought 50 Per Cent Stake in AXA Tower. The Commercial Deal Value Staggering S$1.68 billion

Another Breaking News Not Far Away from Maxwell House Site is Tuan Sing Robinson Point, Which SOLD for S$500 Million.

As Deep Pocket Potential Buyers are Out There, Anything Can Happen

Maxwell House Singapore May be the Next Target.

Excellent Site – Great Business Location & Connectivity

Cushman & Wakefield said this is one of the best and rare residential plots in district 1 due to its superb location that’s surrounded by retail properties, F&B outlets, entertainments and offices.

This should be the best prime commercial site for sale currently in the Collective Sale Market.

There is expectation that Maxwell House will be well received by prospective buyers as it is located in a part of the city’s heritage and business district given that there has been dearth of residential development land in this area, said capital markets director of Cushman & Wakefield, Christina Sim.

According to the estimates made by Ms. Sim, Maxwell House will reflect the complete attitude of “work-live-play” as the prime site is surrounded by numerous retail outlets as well as entertainment spots.

Additionally, being located in a central area where there are no constraints of maximum units that is otherwise calculated based upon every dwelling unit’s average size of 85 sq mtrs, will also work as a huge advantage, she added.

Interested developers will be able to creatively use the property to build either studio units or dual key units, if appropriately approved of the authorities, Ms. Sim said.

Located at the vicinity of the central business district, Maxwell House Singapore is also close to the conservation shophouses of Chinatown and Tanjong Pagar.

Maxwell House’s collective sale tender will remain open till 3 PM of 12th November, 2020.

Maxwell House Singapore Nearby Amenities

Walking Distances

  • Maxwell Food Centre – 1 min
  • Maxwell MRT station – 3 mins (Ready 2022)
    Upcoming Underground Station (Thomson East Coast Line)
  • Tanjong Pagar MRT station – 4 mins
  • Chinatown MRT station – 8 mins
  • Telok Ayer MRT station – 9 mins
  • Outram Park MRT station – 10 mins
Maxwell House Singapore En Bloc Details

Tenure: 99-year Leasehold

Land Size: 41,801 square feet

Plot Ratio: 4.3
Mixed-Use: 5.6 (Redevelopment)
Hotel Use: 5.6  (Redevelopment)

Nearest MRT: Tanjong Pagar
Maxwell Station (2022)

Address: 20 Maxwell Road

District: 1

Marketing Agent: Cushman & Wakefield

Reserve Price: S$295 million

Status: For Sale
Tender Close: Nov 12, 2020
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