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

During its Phase One sales launch, TMW MAXWELL, a mixed-use development project by CEL Development, Singhaiyi Investments, and Chuan Investments, managed to sell only seven out of the 324 units available. These units were sold at prices ranging from S$1.5 million to S$2.47 million, translating to a price per square foot (psf) range of S$3,143 to S$3,739. Contrary to market expectations of a 20 percent take-up rate, the actual outcome fell significantly short. A SingHaiYi spokesperson stated that the average psf price for the seven sold units was S$3,310. The development, situated on the former Maxwell House site, comprises a single block with commercial offerings on three levels and a total of 324 apartments. Although the initial sales performance was modest, the remaining units will be made available for sale in subsequent phases. TMW Maxwell is the first of four planned launches in the downtown central business district (CBD) area. Market experts had predicted more promising sales performance, given the response to recent launches. Mark Yip, CEO of Huttons Asia, estimated that developers would sell over 5,000 units in the first eight months of 2023.

Source: The Business Times