The building at 20 Maxwell Road was put on the market at a reserve price of $295 million in September 2020.

Located at 20 Maxwell Road, the 13-storey commercial building sits on a trapezoidal island plot spanning 41,799 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, appointed property consultant Cushman & Wakefield said on Wednesday (April 7).

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 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.

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.

Chip Eng Seng told the Singapore Exchange on Friday that it is 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.

It is in the immediate vicinity of the dining and entertainment precinct along Tras Street, Duxton Hill and Keong Saik Road.

Located at the fringe of the Tanjong Pagar planning area, it is expected to benefit from the area’s rejuvenation alongside the planned development of the Greater Southern Waterfront precinct.

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