A collective selling tender for the old Maxwell House, a 13-story commercial development with 145 strata units
TMW Maxwell House owners, who have owned the house since they were able to obtain another chance to win the enbloc bid, and clinch the deal at $276.8m which was higher than the $268 million asking price. The TMW Maxwell house, which is located on 20 Maxwell Road, was listed for sale in September of 2020, with a reserve of $295 million however, in April of this year, the price was cut.
The following Saturday (7 May) an aggregate auction bid for the commercial 13-storey development, with 45 units, was given to Singapore-listed units Chip Eng Seng Corp, SingHaiyi Investments and Chuan Investments and Chuan Investments, who put the property on the market for bid. This sale will be subject to acceptance of the Strata Titles Board and other conditions. The joint bidders are expected to seek approval from Singapore's land authorities to get preliminary approval for renewal of 99-year leases for buildings which began leases in June 1969. Chip Eng Seng told Singapore's exchange that it is seeking Urban Redevelopment Authority approval for the site to be converted to commercial-residential mixed-use.
The TMW Maxwell site would be a commercial-residential mixed-use with an Gross site ratio at minimum 5.6 as well as gross floor area of at minimum 21,746.48 square metres, including the possibility of a commercial component that could be as high as 20% of the total floor area.
It is situated in a normal size plot of 41,799 sq feet the property is currently classified "commercial" with an area proportion of 4.3. It is a short walk from a dining and entertainment area on Tras Road, Duxton Hill as well as Keong Saik Road. The area is situated on the edge the Tanjong Pagar Development Area, it will be benefited from the revitalization of the area, as well as plans for development within The Greater Southern Waterfront (GSW).
Joint venture partners submitted an offer to the committee for collective sales of Maxwell House on 6 May 2021. Tenders were given to joint ventures a day later. The participation interests of the JV partners in this acquisition would have resulted in Chip Eng Seng holding 40%, SingHaiyi holding 30% as well as Chuan Investments controlling the remaining 30%. Chuan Investments is the wholly owned subsidiary that is part of Chuan Lim Construction, a Hong Kong listed firm that is based in Singapore with a focus on general civil engineering and construction work. It is for the very first time both companies are involved in the joint venture.
THRIVING F&B Neighborhood around TMW MAXWELL
Ann Siang Hill, is where you can find a myriad of bars, trendy restaurants and organizations. The location and the fact that it is situated away from the bustle that is Tanjong Pagar Road gave the street a secluded feeling, the restaurant owners claimed. Tras Street, once a notoriously smoky section off Tanjong Pagar Road, has become a bustling area with excellent food and drinks. The area is lined with a variety of other dining and drinking choices, such as Japanese eateries in the Orchid Hotel, restaurants and bars in Icon Village, and more in the 100AM shopping center and on Tanjong Pagar Road.
A lot of people have pointed out that it's the most peaceful and most undeveloped part of the hipster triangular zone in Chinatown which includes the renowned drinking and food enclaves such as Tanjong Pagar Road, Duxton Hill, Club Street & Ann Siang Hill. It is a diverse area of cuisines, between Italian and Italian to Spanish, Japanese to Mediterranean.
In the past, Tras Street was known predominantly for its popular late-night Korean Fried Chicken restaurant Kko Kko Nara, as also for the long-gone European restaurant, Table 66, which relocated from 2011 Winstedt Road and has been restored in the form of Skyve Wine Bistro.
A popular weekend brunch spot serving delicious food. Drury Lane Cafe is a two-storey cafe that is located next to Cake Spade. Just 3 minutes of Tanjong Pagar MRT Station on Peck Seah Street, Cho-win Garden Korean restaurant serves the best and most authentic Korean food available in Singapore.
Tanjong Pagar Center offers elevated versions of popular street fares and includes the to-try XYT Hokkien Mee ($16) and the XYT Ayam Percik ($26) and both of which we were returning to. The Argentinian restaurant has recently relocated from Martin Road and onto the hip Amoy Street, sporting swanky interiors, but with a casual atmosphere due to its street art-themed walls. This izakaya that is bustling, modern, is adorned with street-style exteriors, graffiti-adorned murals, sexy crowds, and an up-to-date menu. Gattopardo Ristorante Di Mare is one of the restaurants along Tras Street promising guests an exceptional dining experience. Their elegant interior makes it ideal for private dinners.
You can find Western or Chinese dishes, a budget eatery, or an expensive elegant restaurant for taking your date Tanjong Pagar is the perfect place. We are unable to maintain the staggering amount of hip, trendy eateries popping into Tanjong Pagar, which has transformed its row of storehouses into elegant cafés and restaurants.
A Muslim-owned Permata Singapore is the latest concept of the Travis Masiero Restaurant Group (the same group responsible for Blue Label Pizza and Lukes Oyster Bar). The new Mexican restaurant offers hand-crafted salsas that are made of volcanic rock molcajetes. They even mill fresh masa to make their corn tortillas that are unique to them.
It is located in Amoy Street, Carne, is an Argentinian restaurant serving burgers that serves free-range grass-fed Angus beef hamburgers, milkshakes, triple-fried fries, as well as local-made beer. Alongside the Muslim-owned restaurant pop-up Permata located in Singapore, Argentinian chef Mauro Colegreco is the founder of Carne, Argentinas first international hamburger restaurant, in collaboration with chef Beppe De Vito, a member of the Il Lido Group, in Singapore. In stark contrast to the bustling Duxton Hill nightlife, Tanjong Pagar Centre is a bar and restaurant with the charm and wit of other.
GREATER SOUTHERN WATERFRONT
Redevelopment plans, including those for Keppel Club, Mt. Faber and the the former Pasir Panjang power station, are expected to unfold in the coming five-to-10 years transforming the southernmost portion of the larger waterfront into a point of entry to urban development.
After the lease of Keppel club expires at the end of 2021. The current Keppel Club site will be transformed into a new community of homes, with nature, water, and an easy access to public transportation options. With the site located near the waterfront and with an easy access to Telok Blangah and Labrador Park MRT stations, it presents the unique opportunity to build new residences.
Greater Southern Waterfront, stretches from Pasir Panjang to Marina East It will be transformed into the main entrance to, and the destination for, urban living along the South Coast. In case you thought the Marina Bay district was large listen to this: Greater Southern Waterfront will be six times bigger that Marina Bay.
Greater Southern Waterfront will be an essential area of development in Singapore in the coming decade that is designed to seamlessly complement the central region and further support Singapore's growth as a major financial and commercial hub in Asia.
With the government intending to bring more energy to the Central Business District, as in addition to bringing more residents living near to where they are employed, Marina Bay, is likely to be among the first areas to witness an increase in housing development.
CEL Development Pte. Ltd. (CEL)
Chip Eng Seng Corporation Limited is an international conglomerate listed in Singapore with interests in construction, civil infrastructure hospitality, precast technology education and real estate investment and development.
It was established in the 1960s , as an landed property construction subcontractor. The Group achieved a breakthrough by being named the primary constructor in HDB projects. The business has seen a massive expansion and offers a variety of services in the development and construction of executive and private condominiums as well as private condominiums.
The Group has expanded its offerings beyond Singapore because of its vast expertise and experience in the industry. The Group now has a presence in countries such as that of the Maldives, Australia New Zealand, Malaysia and Vietnam. The company's dedication to excellence in the projects they have undertaken has led to many awards and recognitions across the globe.