Maxwell House sold enbloc in $276.8 mil deal

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - SingHaiyi Group, Chip Eng Seng Corporation, and Chuan Investments have successfully tendered for the enbloc acquisition of Maxwell House at a tender price of $276.8 million. The joint venture partners submitted their tender to the collective sales committee of Maxwell House on May 6, 2021 and the tender was awarded to JV the day after.
The participating interest among the JV partners in this acquisition will see Chip Eng Seng hold a 40% stake, SingHaiyi with 30%, and Chuan Investments controlling the remaining 30%. Chuan Investments is an entity of Chuan Lim Construction, a Hong Kong-listed company with operations in Singapore, mainly in general building and civil engineering works. It is the first time these companies are embarking on a JV project together.
According to the JV partners, they are seeking approval to redevelop the commercial site at 20 Maxwell Road into a new mixed-use development with residential and commercial components. (Picture: C&W)
Maxwell House is a 13-storey commercial development at 20 Maxwell Road. The 99-year leasehold development launched its collective sale on April 7, 2021 at a reserve price of $268 million. Cushman & Wakefield was the marketing agent.
The site is currently zoned ‘commercial’ under the latest master plan, but the joint tenderers have announced in a press release that they intend to seek approval to redevelop the property into a commercial and residential mixed-use project.
The site currently has a gross plot ratio of 4.3 but the developers say they will also seek approval to increase the plot ratio to 5.6 for the new development to have a gross floor area (GFA) of at least 233,987 sq ft. Up to 20% of the GFA will be set aside for commercial use.
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