In a significant milestone for the real estate market, TMW Maxwell has made waves with the sale of seven units, each fetching remarkable prices between $1.5 million to $2.47 million, translating to an impressive $3,143 to $3,739 per square foot (psf). This achievement not only reflects the allure of the development but also the growing demand for luxurious living spaces in the heart of Singapore.
TMW Maxwell, a 324-unit residential complex nestled within the vibrant Tras Street, has quickly emerged as a premier destination for discerning homebuyers seeking a perfect blend of modernity and convenience. This remarkable accomplishment has been brought to fruition by a consortium of eminent developers - Chip Eng Seng, SingHaiyi Group, and Chuan Investments.
The launch of TMW Maxwell's first phase has generated palpable excitement, with the release of 80 units for sale. Of these, seven units were swiftly snapped up by eager buyers, resulting in a take-up rate of 9% based on the units launched. When considering the total number of units in the project, this equates to a 2.2% take-up rate. This initial success is a testament to the allure of the property and the anticipation surrounding its subsequent phases.
A distinctive factor contributing to TMW Maxwell's appeal is its enviable location within the Tanjong Pagar Conservation Shophouse Area, a stone's throw away from the bustling Chinatown. The property's strategic placement within District 2 has undoubtedly played a role in driving buyer interest, with its proximity to essential amenities and cultural hotspots being a major draw.
What sets TMW Maxwell apart is its transformation from the former Maxwell House, an iconic site that once stood as a historical landmark. The consortium's purchase of the land at $276.8 million in 2021 paved the way for a remarkable redevelopment project. The result is a luxurious residential complex that pays homage to the past while embracing contemporary living.
Comprising a single block with three levels of commercial offerings, TMW Maxwell boasts a total of 324 meticulously designed apartments. As the first of four launches in the downtown central business district (CBD) area, the project promises to redefine urban living with its blend of modern architecture, upscale amenities, and a vibrant community.
A unique advantage enjoyed by the developers of TMW Maxwell is the 'Commercial' zoning of the original site. This advantageous classification means that the developer remains exempt from the Additional Buyer's Stamp Duty (ABSD), providing greater flexibility and financial freedom. Additionally, there is no pressure to sell all the residential units within five years to qualify for an ABSD remission, allowing for a more strategic and market-responsive sales approach.
The journey of TMW Maxwell has only just begun. With a total of 324 units, the first phase's impressive performance is only a glimpse of the potential that lies ahead. As the remaining units are unveiled in subsequent phases, the consortium and prospective buyers alike can look forward to an exciting and prosperous future for this exceptional residential complex.