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Thread: TMW Maxwell (D1, 99 years leasehold, CEL / SingHaiyi / Chuan Investments)

  1. #1
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    Jan 2023
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    Default TMW Maxwell

    TMW Maxwell is a new condominium launch located at the former Maxwell House. The accessibility is excellent as it is situated in the central of Singapore and right at the doorstep of a train station, Maxwell MRT station.

    This plot of land is going to be torn down and rebuilt into a mixed development with some commercial shops and built to 20th story. It is surrounded by many food establisments and hawker centre. Just downstairs is Maxwell Food centre and Amoy Food Centre are all within walking distance to each other.

    Living nearby to the workplace is soon becoming a trend. As condominiums are built in the Tanjong Pagar area for ease of traffic jams and convenience of office workers. For investment purpose, TMW Maxwell's location is superb.

    https://propertynew.sg/property/tmw-maxwell/

  2. #2
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    Default TMW Maxwell (D1, 99 years leasehold, CEL / SingHaiyi / Chuan Investments)

    CEL starts preview of TMW Maxwell; units priced upward of S$3,000 psf

    Jul 26, 2023



    MIXED-USE development TMW Maxwell will launch for preview on Saturday (Jul 29), with prices upward of SS$3,000 per square foot (psf).

    The 99-year leasehold project is jointly developed by CEL Development, the holding group for Chip Eng Seng’s property development business; SingHaiyi Investments; and Hong-Kong listed Chuan Investments. It sits on the site of the former Maxwell House, a 13-storey commercial building at 20 Maxwell Road.

    The development occupies 41,799.5 sq ft, with a gross plot ratio of 5.95. It was secured with a S$276.8 million bid at a collective sale tender in May 2021, slightly higher by 3.3 per cent than the S$268 million reserve price. This works out to a land rate of S$1,665 psf per plot ratio.

    TMW Maxwell will be the first of four residential projects launched in Singapore’s central business district. Other upcoming launches in the area include City Development Ltd’s Newport Residences, Perennial Holdings’ Skywaters Residences and IOI Properties’ Marina View Residences.

    It comprises 324 residential units in a single 20-storey block, as well as a three-storey basement car park and four-storey commercial podium with shopping, dining and socialising options.

    Around 62 per cent of the residential units, or 201 units, are “flip/switch” studio units, sized from 44 square metres (sq m) to 45 sq m.

    These units are designed and fitted with “flexible” furniture, such as a movable walk-in wardrobe and a queen-size Murphy bed with an integrated sofa.

    “Each permutation flips and switches to facilitate highly flexible and versatile living spaces,” said the property developers.

    There are also 73 one-bedroom units, sized between 48 sq m and 82 sq m; and 50 two-bedroom units, between 73 sq m and 81 sq m in size.

    The indicative price range for the majority of units is between S$1.5 million and S$2 million, said the developers. Maintenance fees for studio and one-bedroom units are estimated to be around S$400 per month. It is S$500 for two-bedroom units.

    “Our goal with TMW Maxwell has been to create a space where the possibilities are unlimited, and we are excited to see it come to life,” said Chip Eng Seng Group chief executive officer Raymond Chia.

    TMW Maxwell will book sales from Aug 12, and is expected to deliver its notice of vacant possession in June 2028.

    https://www.businesstimes.com.sg/pro...ward-s3000-psf

  3. #3
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    Default Re: TMW Maxwell (D1, 99 years leasehold, CEL / SingHaiyi / Chuan Investments)

    Opening weekend of TMW Maxwell draws over 1,000 visitors to the sales gallery

    July 30, 2023

    This weekend, three new projects were previewed (July 29-30): the 324-unit TMW Maxwell in Tanjong Pagar; the 78-unit Orchard Sophia on Sophia Road; and the 105-unit The Arden on Phoenix Road in Bukit Batok.

    "It's been at least four years -- since the pre-Covid period – when three projects previewed simultaneously," says Ismail Gafoor, CEO of PropNex. "However, all three projects attract different audiences."

    TMW Maxwell is a redevelopment of the former Maxwell House by a consortium comprising Chip Eng Seng, SingHaiyi Group and Chuan Investments. The new mixed-use development has 324 residential units from the fourth to 20th floors and 11 commercial units from the basement to the third level.

    The development is on Tras Street, just off Maxwell Road, in District 2. "Its proximity to Tanjong Pagar, known for its vibrant nightlife and niche eateries, will attract homebuyers who appreciate city living and an urban lifestyle," says Marcus Chu, CEO of ERA Singapore.

    Over 1,000 people visited the TMW Maxwell sales gallery during its opening weekend. At TMW Maxwell, 62% of the units are studios with sizes from 476.3 to 479.4 sq ft. These units are designed as "flip/switch units" with furniture that can be "transformed", ranging from a movable walk-in wardrobe to a queen-sized Murphy bed integrated with a sofa and a pull-out workspace.

    "Many visitors were pleased with the modern amenities and transformational features of the flip/switch units that the development offers," says Raymond Chia, group CEO of Chip Eng Seng and SingHaiyi. These units are targeted at "multi-hyphenates - including many young executives and investors," he adds.

    Justin Quek, deputy CEO of OrangeTee & Tie, describes the flip/switch studios as "fresh, bold and relevant to the target demographic who will appreciate the live-work-play concept of this vibrant neighbourhood in Tanjong Pagar".

    About 85% of the units at TMW Maxwell are priced in the range of $1.5 million to $2 million, with prices starting from $3,188 psf.

    More at: https://www.edgeprop.sg/property-new...-sales-gallery

  4. #4
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    Default Re: TMW Maxwell (D1, 99 years leasehold, CEL / SingHaiyi / Chuan Investments)

    TMW Maxwell sees slow sales at launch with 7 units sold, at average S$3,310 psf

    Aug 13, 2023

    TMW MAXWELL sold just seven out of a total of 324 units at its Phase One sales launch with the transacted price ranging between S$1.5 million and S$2.47 million, which works out to a per square foot (psf) range of S$3,143 to S$3,739.

    A SingHaiYi spokesperson told The Business Times that the seven units were sold at an average psf price of S$3,310.

    The sales outcome for the mixed-use development project by CEL Development, Singhaiyi Investments and Chuan Investments was much lower than expected by market watchers who had anticipated a take-up rate of at least 20 per cent, going by response to recent launches.

    A total of 80 units were offered for sale at the Phase One sales launch, and the remaining units will be released for sale subsequently in phases, the developer said on Sunday (Aug 13).

    Located at the former Maxwell House site, TMW Maxwell comprises a single block with three levels of commercial offerings and a total of 324 apartments. It is also the first of four launches in the downtown central business district (CBD) area to be marketed.

    Mark Yip, chief executive at Huttons Asia, said developers are estimated to sell more than 5,000 units in the first eight months of 2023.

    “For the months of July and August, the market had never seen so many launches in a short period of time. Within six weeks, eight private residential project launches with more than 3,000 units were offered for sale,” he said.

    He noted that the last time the market saw at least eight launches was in November 2018 when 1,265 units were offered for sale. In terms of units launched, he reckons the highest was in Q1 2021 where 2,629 units were offered for sale across four launches.

    Yip said that with more launches in the pipeline, the market is “on track” to sell around 8,000 units – which is higher than 7,099 units in 2022.

    “Buyers will likely take some time to digest all the information before making a purchase,” he said.

    Ismail Gafoor, chief executive of PropNex, said developers had rolled out three new projects for sale this weekend. Apart from TMW Maxwell, there was Orchard Sophia in the Core Central Region and The Arden in the Outside Central Region (OCR).

    Both the Orchard Sophia and The Arden had take-up rates of about 23 per cent at their respective launches, Gafoor said. The former sold 18 of its 78 units, while the latter moved 24 units out of 105 units.

    “For the three launches this weekend, their respective sales performance was muted compared to previous projects put on the market; and we think this is largely due to a few factors, including perhaps a bit of choice paralysis setting in,” Gafoor said.

    He noted that “buyers are spoilt for choice in today’s market” with ample options. This, he said, “lessens the urgency to snap up units right away during the launch weekend”.

    Take-up rates have been generally trending at the range of 27 per cent to over 50 per cent recently, Gafoor said.

    “Therefore, we think sales at future new launches could experience some friction owing to the wider availability of options for buyers, particularly if there is ample unsold supply in the vicinity,” he added.

    Gafoor said TMW Maxwell’s location and a larger mix of smaller units would appeal to a niche segment of buyers including investors, couples and small families.

    ERA’s chief executive Marcus Chu sounded similar thoughts. “While genuine buying demand remains resilient, we do see increasingly more homebuyers making their rounds to consider various options before returning to pick up a unit in the project of their choice,” he said.

    Chu also said recent transactions of Midtown Bay and Midtown Modern in the city-fringe location ranged from S$3,275 to S$3,841 psf.

    https://www.businesstimes.com.sg/pro...rage-s3310-psf

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