The Central Business District (CBD) is a bustling hub that serves as a testament to Singapore’s growth and progress. Commonly referred to as the financial heart of Singapore, this dynamic region boasts a skyline dominated by towering skyscrapers and architectural marvels.
As outlined in the URA Master Plan 2019, the CBD Rejuvenation Plan aims to transform a mostly commercial downtown into a mixed-use downtown. Fast forward to today, mixed-use developments have gained prominence in the CBD, seamlessly integrating residential, commercial, and entertainment facilities. These developments encapsulate the work-live-play ethos, offering a lifestyle that reduces travel times and provides convenient access to a host of amenities. Ranging from shopping complexes that house residential apartments to office buildings with integrated retail and dining outlets, these mixed-use properties embody the future of urban living.
One of the upcoming developments that will soon stand with some of the most iconic buildings in the city is TMW Maxwell, a 99-year leasehold mixed-use development located at the heart of Maxwell. It represents a new way of city living in the future – an exciting, hybridised lifestyle catering to the forward-looking, progressive urbanite. Adding energy and vibrancy to the area, TMW Maxwell will be an exciting place to live, work, and play. In this article, we will provide a comprehensive analysis of TMW Maxwell, highlighting the best features and potential of the development.
Location Analysis
Formerly the site of Maxwell House, TMW Maxwell is situated at the strategic intersection of Maxwell Road, within the heritage-rich conservation area of Tanjong Pagar. It will also be one of the only two residential developments along Maxwell Road, making it a strategic location. It perfectly marries panoramic views of the dazzling cityscape of the CBD with the quaint allure of the low-rise, preserved shophouses along Tras Street and Duxton Hill. The juxtaposition of old-world charm and modern sophistication encapsulates the essence of this distinctive locale.
The name TMW reflects the developer’s vision of the future – Tomorrow’s Maxwell. At the same time, it pays tribute to the old address of Maxwell House (20 Maxwell Road), representing the past and the future.
Unparalleled Connectivity
TMW Maxwell is a 2-minute walk to Maxwell MRT station on the Thomson-East Coast Line (TEL), which connects to the East-West Line (EWL) and North-East Line (NEL) via Outram Park interchange just one stop away. It is also a 4-minute walk to Tanjong Pagar MRT station on the EWL, offering residents convenient access to key areas in the CBD such as Raffles Place and City Hall.
For drivers, TMW Maxwell is linked to major expressways such as the Marina Coastal Expressway (MCE), Central Expressway (CTE), and Ayer Rajah Expressway (AYE), offering convenient access to various parts of Singapore.
Myriad of Amenities
The commercial element of the development spans four levels (Basement 1 to Level 3), hosting an array of retail shops and restaurants with an expansive 90-metre frontage. These establishments will harmoniously blend with the existing eclectic mix of enchanting bars and bountiful dining options in the Tanjong Pagar area. The urban conveniences truly come alive in this development. Offering the opportunity to shop, enjoy a meal, mingle, and entertain within the estate itself, TMW Maxwell redefines the concept of living amidst the city’s vibrant pulse.
Nestled amidst notable streets like Club Street, Keong Siak Road, Duxton Road, and the iconic Chinatown, the neighbourhood offers an extensive range of retail and entertainment options. It also hosts an impressive culinary landscape that encapsulates the rich flavours of beloved Singaporean cuisine. The location further complements an active lifestyle, with various fitness amenities such as gyms and spin studios located just within a 10-minute radius. With its vibrant surroundings, every turn in this neighbourhood promises a new adventure waiting to be explored.
Malls that are within walking distance from TMW Maxwell include 100 AM (9-min walk) and Chinatown Point (10-min walk). For more shopping and entertainment options, VivoCity and Suntec City are both an 8-minute drive away, and the Orchard shopping belt is a 10-13-minute drive away.
Not forgetting the green spaces even though the CBD is surrounded by towering office buildings, the nearby Telok Ayer Park (3-min walk) and Duxton Plain Park (7-min walk) should provide some respite from the bustling city life.
Educational Institutions
Traditionally, primary schools in the vicinity are part of the appeal of a development especially for buyer profiles that are made up of young couples planning for the future or families with children that will eventually be schooling. That is because of the Ministry of Education’s home-school distance scheme for Primary 1 registration exercises, which gives a child a better chance of successfully registering for a primary school if it is within 1km of their home.
This might not be an important factor for those who are interested in TMW Maxwell as it caters more towards expats, working professionals, and investors who are looking for a centrally located and convenient location for living and working. That is because the biggest unit type available in the development is the 2-Bedroom dual-key. While it might be able to fit small families, this demographic will typically prefer to go for at least a 3-Bedroom unit for a more spacious living experience.
The nearest primary schools in the vicinity of TMW Maxwell include Cantonment Primary, CHIJ (Kellock), and River Valley Primary, which are within a 4-6-minute drive away. Of these, only Cantonment Primary is within 1km radius. For those with older school-going children, Outram Secondary is a 6-minute drive away or about 20-25 minutes by public transport.
Site Analysis
The site that TMW Maxwell is sitting on (where Maxwell House was previously located) is adjacent to Maxwell Road, parallel to Tras Street. The entrance to TMW Maxwell is almost at the intersection between Tras Street and Cook Street, but it does not serve as a dedicated driveway or cul-de-sac as the street connects to the main Tanjong Pagar Road.
TMW Maxwell will have one residential block standing at 20 storeys, arranged in a linear profile parallel to Tras Street. Residential units start from the 4th storey, meaning that residents will get an elevated view over the low-rise shophouses in the vicinity.
Because of the linear profile of the residential block, the lobby corridor is especially elongated like those you might see in hotels. The block will be served by a total of 4 lifts at the central lift lobby. The implication of this design is that residents will have to walk a bit further to reach the lift lobby, and there will also be more movement and foot traffic outside your unit as neighbours and delivery personnel will be walking past your unit to get to theirs.
Typically, condo facilities are placed at the ground floor of the development, scattered around the development, or assimilated into the stacks. However, TMW Maxwell will have all of its facilities concentrated on the facade facing Maxwell Road in an ascending manner, which is a feature unique to this project.
Departing from the traditional layout of sky terraces, which are typically horizontal expanses interspersed among residential floors, this unique design features vertically stacked sky terraces spanning levels 6 to 20 each with distinct characteristics. This innovative arrangement allows residents to appreciate the cityscape from varying heights, adding an element of dynamism. Sky terraces are connected to every floor, inviting residents to step outside their apartments for brief, refreshing breaks amidst their daily routines.
If you are wondering where the pool facilities are, the Sky Pool is located on the 15th-16th storey where you can find the Sky Jacuzzi and outdoor shower. To put the cherry on top, the roof terrace (dubbed TMW Haven) features a 25m infinity pool and indoor gym overlooking the city.
One factor that buyers and investors will have to consider when entering into mixed-use developments is that commercial units will occupy the basement level as well as levels 1 to 3, which are publicly accessible. This means an increase in noise levels due to higher foot traffic, and some degree of privacy and exclusivity might be compromised.
Lastly, the landscape design of TMW Maxwell is fundamentally rooted in the concept of duality, enabling the space to transition in function based on the time of day. The outdoor gardens serve as ideal meeting places and act as social catalysts that cultivate a strong sense of community spirit. The layout of the landscape area is also meticulously planned to facilitate social interaction, with elements that can be adapted for diverse uses, catering to a variety of user groups.
Who might be interested in this project: Multihyphenates, urban dwellers, and highly-productive globalists intrigued by the multi-hyphenate spaces of TMW Maxwell that are designed for tomorrow’s hybrid lifestyle.
MOAT Profile & Price Trend
PLB has devised the MOAT Analysis as an comprehensive tool to evaluate a property’s value, considering a wide range of factors that can influence its worth. This method entails an in-depth comparison of the property against others on ten different criteria to deliver an unbiased assessment of its attractiveness to the wider Singaporean market. To understand the methodology behind our tool in greater detail, please refer to our article.
Before we delve into the analysis, we will outline several other condominium projects that we will reference to estimate the MOAT score of TMW Maxwell. We have selected five condo developments for this comparison, based on their tenure, location, and the recency of their development. The comparison condos are: Altez, Eon Shenton, One Bernam, Skysuites @ Anson, and The Clift.
According to the MOAT Analysis, the average MOAT score of the comparison condos is 60%, which is considered a decent score. This is an accurate estimation of TMW Maxwell’s MOAT profile as another upcoming new launch condo in District 2, One Bernam, has a MOAT score of 60%. As we have discussed in our location analysis, there are no schools in the immediate vicinity of the development, which is why the Parents’ Attraction Effect score is low across the board for condos in this area. The same goes for the Exit Audience score as there is a lack of the HDB upgrader demographic in the area.
What these condos excel at are Quantum Effect (especially for smaller investment units), Bala’s Curve Effect (most of these condos have healthy lease balances), and MRT Effect. Rental Demand is also a strong factor as residential projects in the CBD will attract tenants who want to live in the city for a convenient commute to work.
*The growth rate is derived by taking the difference between average $PSF price of all transactions (new sale, subsale, and resale) in Q2 2023 and 2018 and expressed as a percentage.
From the data we pulled, we see that prices of mixed-use developments in District 2 have been rather stable over the past five years as compared to the rest of the Core Central Region (CCR). Looking at the price environment of mixed-use developments in the larger CCR, we see that there is some volatility in the average $PSF. This is not surprising because properties in the CCR behave differently than the rest of the market segments in Singapore.
Residential properties within the CCR are often investment properties, and are more sensitive to market sentiment and economic conditions. During downturns, non-CCR properties can exhibit stronger performance compared to their CCR counterparts. This is partly due to a shift in tenant preferences, as companies reduce housing allowances and tenants opt for properties located in the outskirts. A prime example would be in 2020 during the height of the COVID-19 pandemic.
Coming back to the price trend of mixed-use developments in District 2, we see that although the growth rate is lower compared to the rest of CCR, the price movement is more stable with less volatility. This will benefit investors seeking a reliable investment that can serve as a store of capital. It offers them various exit opportunities at different time periods, ensuring flexibility and potential return on investment.
Another price trend that can be observed in the CCR segment is that most properties are smaller units with a high PSF. As a result, the lower quantum coupled with the higher rental demand and yield compared to the Rest of Central Region (RCR) and Outside Central Region (OCR) make CCR properties more attractive to landlord buyers. Compared to the previous chart which includes larger units that pulled down the average $PSF, this chart that focuses on small units within the CCR shows a much higher average $PSF that is approaching the $3,000 PSF mark. In fact, there are units already transacting at above $3,000 PSF in the CCR.
A mixed-use development that has been making waves and headlines in the CCR market is One Bernam. It is located just off Anson Road, right in the middle of the larger Tanjong Pagar area. Towards the end of last year, it was reported that One Bernam had hit a new high of $3,168 PSF after the sale of a 441 sqft 1-Bedroom unit for $1.348 million. Fast forward to today, the new high has reached $3,340 PSF after the sale of a 452 sqft 1-Bedroom apartment for $1.51 million in April 2023.
Looking at the rental trends of District 2, we see that the properties here have performed decently over the past few years in terms of average rental prices, recording a high growth rate of 37%. As mentioned previously, CCR properties are sensitive to economic conditions and tenants preferences. And we can see that from the dip in average rental prices between 2019 and 2020 that District 2 experienced during the pandemic. But as the market recovers and the CBD continues to be transformed, rental activity in the CCR has bounced back strongly to unprecedented levels.
This shows that there is a market for smaller residential units in the CBD area. Given the limited number of residential projects and large volume of tenants in this area, as well as high rental yields in the surrounding developments, there is an opportunity for investors to take a first-mover advantage and capitalise on the transformation of the CBD.
Introducing Flip/Switch Units
With a firm belief that a home should adapt to the way you live and not the other way round, the developers have conceptualised a new type of unit dubbed the Flip/Switch. Around 62% of the residential units at TMW Maxwell will be Flip/Switch units. Thoughtfully conceived and equipped with innovative, adaptable furniture, these units offer unprecedented flexibility.
One of the provisions that will come with a Flip/Switch unit is a movable walk-in wardrobe. With tracks installed on the ceiling and wheels on the floor, the walk-in wardrobe can be moved to expand the living space. This design allows you to maximise the space in the living room when hosting guests. There is also an integrated flip-down study table on the exterior of the movable wardrobe, allowing you to transform the space into a study for WFH or hybrid arrangements.
The unit will also come with a queen-size Murphy bed with integrated sofa, which allows you to transform the space from a living room in the day to a bedroom at night. There is only one default colour for the sofa and there is no option to change it, which means that owners will have to engage their own upholstery services if they have a different preference or ID treatment.
A Murphy bed might seem like a hassle to unfold and keep every day, but it is no different from making your bed daily. It is also intuitive to use, and does not require a lot of strength to lift or unfold. Something to consider would be to install storage cabinets near the Murphy bed to store away the pillows, blanket, and sofa cushions when not in use.
At the balcony, there is a flip-down table for versatile outdoor usage. It can be flipped up when the balcony space is needed for any activities like a workout or yoga, and down when needed for an semi-outdoor dining experience or to enjoy a cup of coffee with a view of the city in the morning.
The pull-out kitchen counter has a laminate finish complete with a cutlery tray. This provision allows you to expand the kitchen space for meal preps or to use as an extension of the dining space if you are hosting guests.
The unit will also come with an integrated flip-down ironing board. This is a thoughtful design by the developers as ironing boards typically take up space, and this provision allows owners to have one without worrying about storage.
Some of these Flip/Switch elements, such as the integrated flip-down ironing board and pull-out counter with cutlery tray, can also be found in the 1-Bedroom and 2-Bedroom units. Overall, each element is thoughtfully designed to enhance the adaptability of the living spaces.
Closing Thoughts
TMW Maxwell is a 99-year leasehold mixed-use development located in the heart of Maxwell, between Maxwell and Tanjong Pagar MRT stations. Boasting unparalleled connectivity around the CBD and to other parts of Singapore, this upcoming new launch condo represents the future of urban living.
As the downtown area continues to be transformed into a mixed-use city area where people can live, work, and play, TMW Maxwell is an abode that will appeal to a new wave of urban dwellers craving a hybrid lifestyle. Blending home, office, park, and galleria into one exciting project, TMW Maxwell offers an opportunity for homebuyers and investors to own a piece of the city redevelopment.
We hope this article has enriched your understanding of the upcoming TMW Maxwell development. For more information about the project, speak to our consultants or sign up here for a showflat visit.
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