SINGAPORE (THE BUSINESS TIMES) – Maxwell House is up for sale via a second public tender at a lower reserve price of $268 million, from $295 million in the first launch, appointed property consultant Cushman & Wakefield said on Wednesday.
Located at 20 Maxwell Road, the 13-storey commercial building sits on a trapezoidal island plot spanning 41,799 square feet (sq ft), with views from all four sides of the building.
Maxwell House, built in 1971, sits on a plot with a 99-year leasehold tenure starting from 1969. The site is zoned for commercial use with a plot ratio of 4.3 under the Urban Redevelopment Authority’s (URA) Master Plan 2019.
The building is situated at the fringe of the central business district near Tanjong Pagar and Chinatown. The upcoming Maxwell MRT Station is expected to enhance connectivity and accessibility to the site when completed in 2023.
Cushman & Wakefield noted that URA had, in advice given on Sept 30, 2020, stated that it will support a mixed-use commercial and residential development with a plot ratio of 5.6 and a gross floor area (GFA) of around 234,077 sq ft.
Subject to rezoning, this will result in an uplift of the plot ratio by some 30 per cent. The commercial quantum shall not exceed 20 per cent of the total GFA.
Assuming 80 per cent of total GFA is for residential use and the remaining 20 per cent GFA is for commercial use, the blended land rate translates to around $1,565 per square foot per plot ratio.
This is after factoring in a 7 per cent bonus balcony plot ratio for the residential component, plus the differential premium and estimated lease upgrading premium for the site, Cushman & Wakefield said.
Moreover, the allowable building height has been raised to 75 metres above mean sea level or about 21 storeys high for the tower block.
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