Built since 1971, Maxwell House was initially put up for enbloc in Sep 2020 at an asking price of $295m, which was later revised to $268m in April 2021.
The development was eventually successful in their enbloc attempt, selling at $276.8m on the 7 May 2021, awarded to a unit of Singapore-listed Chip Eng Seng Corp, SingHaiyi Investments and Chuan Investments, which jointly bid for the property.
Maxwell House is a 13-storey commercial development comprising 145 strata units, the tenderers are seeking approval from the Urban Redevelopment Authority to redevelop the site into a commercial and residential mixed-use development. This will have a gross plot ratio of at least 5.6 and a gross floor area of at least 21,746.48 sq m, for which the commercial component will be up to 20 per cent of the total gross floor area.
7 May 2021
The owners of Maxwell House, which has been around since 1971, were second-time lucky with their collective sale bid, snagging a sale at $276.8 million, above their $268 million asking price.
The building at 20 Maxwell Road was put on the market at a reserve price of $295 million in September 2020, but the asking price was lowered in April this year.
On Friday (May 7), the collective sale tender for the 13-storey commercial development comprising 145 strata units was awarded to a unit of Singapore-listed Chip Eng Seng Corp, SingHaiyi Investments and Chuan Investments, which jointly bid for the property.
The sale is subject to approval of the Strata Titles Board and other conditions.
21 Sep 2020
Maxwell House, which has been around since 1971, is up for collective sale, with the possibility of a new mixed-use commercial and residential development or hotel taking over the site.
Owners holding not less than 80 per cent by strata area and share value have agreed to put the property on the market at a reserve price of $295 million, property consultant for the sale Cushman & Wakefield said on Monday (Sept 21).
Located at 20 Maxwell Road, the 13-storey building comprises mainly of offices. It sits on a trapezoidal island land parcel with views from all four sides of the building.
The site covers a land area of about 41,801 sq ft, zoned for commercial use with a plot ratio of 4.3 under the Urban Redevelopment Authority's (URA) Master Plan 2019.