Launch of the $280 million collective sale of Manhattan House

Manhattan House, the commercial site on Chin Swee Road, next to Pearl’s Hill City Park, is now available to tender. According to a January 10 press release from marketing agent JLL the group sale site has a reserve value at $280 million. Owners of Manhattan House had previously made an attempt to sell the property en bloc in September of 2019 in which the property was placed on the market for $350 million.

TMW Maxwell condo price deal will see a transfer of $276.8 million to the owners of TMW Maxwell.

This 99 year leasehold property is a commercial block which was constructed in the year 1976. It has 269 units. It’s situated on an area of 4,167.7 square meter (44,860 sq feet) site zoned for commercial usage with a plot-to-plot size of 4.7.

According to JLL according to JLL, the site could be rezoned to “residential with commercial on the first floor” usage, in line with recent guidance from URA. The possible redevelopment would permit a 30-storey residential tower, with the maximum gross floor space of 21,000 square metres (226,042 sq feet).

A reserve of $ 280 million equates to a land value of $1,715 psf for each plot ratio, which is based on an average net plot ratio of 5.03875 after taking into account the lease top-up fee and a land improvement charge.

Tan Hong Boon, executive director Tan Hong Boon, executive director of JLL Tan Hong Boon, executive director of JLL, says that the location of the property near the CBD puts it within easy proximity to the most important areas. “It is located close to the historic region of Chinatown and the modern CBD located at Raffles Place, and the Marina Bay lifestyle and entertainment areas of Robertson Quay and Clarke Quay and the chic and historic Tiong Bahru enclave around the corner,” he says.

Manhattan House is within a 6 to 10 minute stroll to it’s Chinatown or Outram Park MRT Interchange Stations. It is also within walking distance of schools like River Valley Elementary School located only 1km away from the site. Additional schools located within 2km from this site are CHIJ (Kellock), St Margaret’s School (Primary), Alexandra Primary School, Cantonment Primary School, and Zhangde Primary School.

“The Singapore General Hospital Campus will be able to provide future residents with access to cutting-edge medical services in close proximity to their home,” Tan adds.

The bid to purchase Manhattan House will close on March 8 at 3pm.