Maxwell House sits on a 3,883.45 sq m (41,801 sq ft) trapezoidal island plot that is zoned “Commercial” under the 2019 URA Master Plan with a plot ratio of 4.3. Photo: Cushman and Wakefield
Maxwell House, a 13-storey commercial building at No. 20 Maxwell Road, has been put up for collective sale via public tender with a reserve price of $295 million.
This comes after the owners holding not less than 80% by share values and strata area have consented to the en bloc sale of the property, revealed Cushman & Wakefield.
Maxwell House sits on a 3,883.45 sq m (41,801 sq ft) trapezoidal island plot that is zoned “Commercial” under the 2019 URA Master Plan with a plot ratio of 4.3.
In a January 2019 advice, the URA stated that it will support a mixed-use “Commercial & Residential” development on the site, with a gross floor area (GFA) of 21,747.32 sq m (234,086 sq ft) and plot ratio of 5.6.
This results in a 30% uplift of the plot ratio, subject to a successful rezoning. The allowable building height was also raised to about 21 storeys for the tower block or 75 above mean sea level.
“Assuming 80% of the total GFA is for residential use and the remaining 20% GFA for commercial use, the blended land rate works out to approximately $1,691 per sq ft per plot ratio (psf ppr), after factoring the 7% bonus balcony plot ratio for the residential component plus the differential premium and an estimated lease upgrading premium for the site,” said Cushman & Wakefield.
Another possible development alternative for the site is ‘Hotel’ with a plot ratio of 5.6 also, subject to the relevant authorities’ approval. This option would raise the land rate to $1,998 psf ppr, inclusive of the differential premium as well as the estimate lease upgrading premium.
“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 neighbourhood 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 to be made available,” said Christina Sim, Director of Capital Markets at Cushman & Wakefield.
Located at the fringe of Central Business District, the site will benefit from the connectivity offered by the upcoming Maxwell MRT Station that is part of the Thomson-East Coast Line which is set for completion in 2022.
The tender for 20 Maxwell Road closes on 12 November.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com