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

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. 

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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.