Maxwell House enbloc to Chip Eng Seng JV for $276.8m

Maxwell House, which has been around since 1971, struck its pot of gold with the collective sales, securing a sale for $276.8 million, well over their asking price of $268 million.

Maxwell House development was listed for sale in September 2020 with a reserve price of $295 million, but the selling price was reduced in April of this year.

The 13-story commercial building that comprises of 145 strata units was enbloc to a joint venture of SingHaiyi Investments, Singapore-listed Chip Eng Seng Corp, and Chuan Investments, which jointly bid for the property on Friday (May 7).

The selling is contingent on the Strata Titles Board‘s acceptance and other terms.

The joint tenderers may apply to the Singapore Land Authority for in-principle permission to grant a new 99-year lease for the building, which has been vacant since June 1969.

Chip Eng Seng informed the Singapore Exchange on Friday that it plans to transform the site into a commercial and residential mixed-use development with the Urban Redevelopment Authority’s permission. This would have a gross plot ratio of about 5.6 and a gross floor area of about 21,746.48 sq m, with business space accounting for up to 20% of the gross floor area.

The house, which sits on a trapezoidal island plot measuring 41,799 square feet and has a plot ratio of 4.3, is currently zoned “industrial.”

The dining and entertainment precincts along Tras Street, Duxton Hill, and Keong Saik Road are all close by.

It is projected to profit from the revitalization of the Tanjong Pagar planning district, as well as the proposed expansion of the Greater Southern Waterfront precinct. Among the promising developments nearby is the TMW Maxwell Residences by the nenowned Maxwell Residential and Maxwell Commercial Pte Ltd (SingHaiYi, Chip Eng Seng and Chuan Holding JV).

 

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Review of Former Maxwell House