Kennedys Legal Solutions advises on sale of Maxwell House
We are delighted to announce that Kennedys Legal Solutions, via our joint law venture partner Legal Solutions LLC, acted on the recent sale of Maxwell House, which was sold enbloc for SGD 276.8 million.
The specialist property team at Legal Solutions LLC providing ongoing advice on the sale is comprised of Directors and Partners Patrick Ee and Christopher Yong, along with Amanda Tai, Senior Associate. The sale of Maxwell House remains subject to the Strata Title Board’s approval.
Brokered by Cushman & Wakefield, this is the first full commercial collective sale site and largest by value sold to-date this year. The buyer is a joint venture between CEL Development Pte Ltd, Singhaiyi Investments Pte Ltd and Chuan Investments Pte Ltd.
Located at No. 20 Maxwell Road, Maxwell House is a 13-storey building comprising retail and showroom space on the ground and 2nd floors and office space from level 3 to level 13. It has a total site area of 3,883.3 sqm with a potential GFA of 21,746 sqm. Comprising some 145 strata units including the carpark, Maxwell House was launched for a second tender on 8 April 2021 at a lower reserve price of SGD 268 million.
Along with acting on the sale of Maxwell House, the specialist property team at Legal Solutions LLC has advised on more than 40 collective sale projects, comprising residential, commercial and mixed use developments.
On the sale of Maxwell House, Patrick Ee states: "We are delighted to be the legal advisers of choice on this high profile sale. Maxwell House is a historical site here in Singapore and it is not surprising that interest in the site was high and robust considering the opportunity it offers to develop a mixed residential / commercial building in the vibrant fringes of Chinatown and Tanjong Pagar."
Christopher Yong added: "We have a proven track record in providing decisive, sustainable solutions and for advising at a strategic level throughout the real estate life cycle. Our involvement in the high profile sale of Maxwell House is a testament to our expertise and experience across our specialist property team. It is pleasure for us to be involved in this deal and we extend our congratulations to all parties involved on the successful sale!"