Maxwell House up for sale again at lower reserve price

The 13-storey commercial block at 20 Maxwell Road has a reserve price of $268 million, down from $295 million last September.
The 13-storey commercial block at 20 Maxwell Road has a reserve price of $268 million, down from $295 million last September.PHOTO: CUSHMAN & WAKEFIELD

The Maxwell House commercial block near the city centre is up for sale again with a reserve price of $268 million - down from $295 million at its first collective sale bid last September.

The 13-storey building at 20 Maxwell Road was built in 1971 and sits on a trapezoidal island plot spanning 41,799 sq ft, with views from all four sides of the building.

It is zoned for commercial use with a plot ratio of 4.3, said consultant Cushman & Wakefield yesterday.

The upcoming Maxwell MRT station, set to be completed in 2023, should enhance connectivity and accessibility to the 99-year leasehold site near Chinatown and Tanjong Pagar.

Cushman & Wakefield said the Urban Redevelopment Authority 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 lift the plot ratio by around 30 per cent.

The commercial quantum cannot exceed 20 per cent of the total GFA.

Assuming 80 per cent of total GFA is for residential use and the rest for commercial, the blended land rate translates to around $1,565 per sq ft 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 75m above mean sea level, or about 21 storeys high, for the tower block.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on April 08, 2021, with the headline 'Maxwell House up for sale again at lower reserve price'. Subscribe