Maxwell House Singapore, a prime commercial site within central business district has launched for en bloc sale in 2021.
Owners have set the reserve price lower this time at S$268 million, this is according from Cushman & Wakefield their appointed marketing agent.
The previous launched was in September 2020 last year with a reserve price at S$295 million. The tender was closed at November draw no bidders.
The commercial prime site sits on a trapezoidal island plot covers a land area of 41,799 square feet with views from all sides.
Maxwell House located at 20 Maxwell Road is a 13-storey commercial building with the new Maxwell MRT Station nearby set to be completed in 2023.
This important amenity definitely improves connectivity and accessibility to the prime site.
Maxwell House with a 99-year leasehold tenure was built in 1971, under URA Master Plan 2019 the site is zoned for commercial use with 4.3 plot ratio.
According to Cushman & Wakefield, URA reported in its September 30, 2020, advice that it will endorse a mixed-use commercial and residential plan with a plot ratio of 5.6 and a gross floor area (GFA) of approximately 234,077 sq ft.
Subject to rezoning, this would result in a 30% increase in the plot ratio. The commercial quantum cannot be more than 20% of the overall GFA.
Assuming that 80% of total GFA is for residential use and 20% is for commercial use, the land rate is approximately S$1,565 psf ppr.
This is after accounting for a 7% bonus balcony plot ratio for the residential portion, as well as the site’s differential premium and expected lease upgrade premium, according to Cushman & Wakefield.
Furthermore, the allowable building height has been increased to 75 meters above mean sea level, or about 21 storeys for the office tower block.