Dentons US LLP
05/07/2021 | Press release | Distributed by Public on 05/07/2021 04:10
Dentons Rodyk is acting for CEL Development Pte. Ltd., SingHaiyi Investments Pte. Ltd. and Chuan Investments Pte. Ltd. jointly in their enbloc acquisition of Maxwell House
May 7, 2021
Dentons Rodyk is acting for CEL Development Pte. Ltd., SingHaiyi Investments Pte. Ltd. and Chuan Investments Pte. Ltd. (collectively the 'Joint Tenderers') jointly in their enbloc acquisition of the development known as Maxwell House at 20 Maxwell Road, Singapore 069113 (the 'Property') for S$276.8 million.
The Property is currently zoned 'commercial' with a plot ratio of 4.3. It is the intention of the Joint Tenderers to seek approval from the Urban Redevelopment Authority to redevelop the Property into a 'Commercial and Residential' mixed-use development with a gross plot ratio of at least 5.6 and gross floor area ('GFA') of at least 21,746,48 square metres, for which the commercial component will be up to 20% of the total GFA (the 'Planning Criteria').
The purchase of the Property is subject amongst others to the following being obtained:
- a sale order approving the enbloc sale of the Property,
- approval from the President of the Republic of Singapore as Lessor pursuant to the State Lease,
- an outline planning permission for the Planning Criteria; and
- in-principle approval from the Singapore Land Authority for a lease top-up in respect of the Property.
Senior Partner Liat Yeang Lee leads, supported by Partner Shang Chai Chua and Senior Associate Yi Rong Ang.
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Dentons Rodyk & Davidson LLP is a limited liability partnership registered in Singapore with Registration No. T07LL0439G, and a member of Dentons' global legal practice.