TMW MAXWELL sits in District 1 (CBD (Raffles Place / Marina / Cecil)) and is positioned in the RCR segment of the Singapore private residential market. With 324 units on a undisclosed tenure title and an expected Temporary Occupation Permit (TOP) of TBD, the development is among the new-launch cohort buyers should evaluate against alternative new-builds and resale comparables in the surrounding area. Pricing for new launches typically commands a 10–25% PSF premium over comparable resale, reflecting new-build condition, developer warranty, modern unit layouts, and the staged-payment cash-flow advantage of Progressive Payment Schemes (PPS).
For buyers, the new-launch decision turns on (a) launch-tranche pricing relative to the project’s long-run trajectory, (b) the developer’s track record on construction quality and TOP timing, (c) the surrounding-area supply pipeline (will more launches dilute pricing?), and (d) the macro rate environment between OTP and TOP — SORA can move materially in that 3–4 year window. Cross-reference District 1 (CBD (Raffles Place / Marina / Cecil)) pricing and use the ShiokNest price heatmap for segment-level PSF context.
The Singapore new-launch market operates under cooling-measure architecture set in April 2023: foreign-buyer Additional Buyer’s Stamp Duty at 60%, Singapore Citizen second-property ABSD at 20%, and a 55% Total Debt Servicing Ratio (TDSR) ceiling per the MAS TDSR/MSR framework. Stamp duty for TMW MAXWELL is the dominant upfront cost variable: progressive Buyer’s Stamp Duty per the IRAS BSD rate table plus any applicable ABSD per the IRAS ABSD rate table. Use the BSD/ABSD stamp duty calculator to size your specific upfront cost.
Developer is Maxwell Commercial Pte Ltd/Maxwell Residential Pte Ltd. The track record of the developer — on past project TOP timing, defect-rectification responsiveness during the Defects Liability Period (DLP), and resale appreciation history of completed projects — is one of the most under-weighted variables in new-launch decisions. Buyers should request a developer track record document and cross-reference past projects via URA REALIS transaction history.
The financing context: SORA-pegged floating-rate mortgages currently price near 4.00% all-in (3.25% 3M SORA + 0.75% bank spread). Under the PPS, buyers draw the mortgage progressively as construction milestones complete, paying interest only on disbursed amounts until TOP. CPF Ordinary Account usage applies per the CPF housing usage rules, subject to the Valuation Limit and Withdrawal Limit. The URA Master Plan 2019 provides forward zoning context for surrounding plots — relevant for understanding whether the area’s built-form will intensify or remain stable over your holding period.
- Project: TMW MAXWELL in District 1 (Rest of Central Region)
- Developer: Maxwell Commercial Pte Ltd/Maxwell Residential Pte Ltd
- Total units: 324
- Sales: 6 sold of 80 launched (7.5% absorption)
- Average median PSF: $3,338 psf
Project Overview
TMW MAXWELL is a private residential development in District 1 (Rest of Central Region), developed by Maxwell Commercial Pte Ltd/Maxwell Residential Pte Ltd. The project comprises 324 units.
Location Map
Project location with up to 5 of the nearest comparable condos in District 1.
- TMW MAXWELL
- THE CLIFT
- EMERALD GARDEN
- V ON SHENTON
- TELOK AYER CONSERVATION AREA
- W RESIDENCES MARINA VIEW - SINGAPORE
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Sales Performance
TMW MAXWELL has sold 6 out of 80 launched units, achieving an absorption rate of 7.5%.
| Period | Sold | Launched | Cumul. Sold | Cumul. Launched | Available |
|---|---|---|---|---|---|
| Jun 2023 | 0 | 0 | 0 | 0 | 0 |
| Jul 2023 | 0 | 0 | 0 | 0 | 0 |
| Aug 2023 | 6 | 80 | 6 | 80 | 74 |
| Sep 2023 | 0 | 0 | 6 | 80 | 74 |
| Oct 2023 | 0 | 0 | 6 | 80 | 74 |
| Nov 2023 | 0 | 0 | 6 | 80 | 74 |
| Dec 2023 | 0 | 0 | 6 | 80 | 74 |
| Jan 2024 | 0 | 0 | 6 | 80 | 74 |
| Feb 2024 | 0 | 0 | 6 | 80 | 74 |
| Mar 2024 | 0 | 0 | 6 | 80 | 74 |
| Apr 2024 | 0 | 0 | 6 | 80 | 74 |
| May 2024 | 0 | 0 | 6 | 80 | 74 |
| Jun 2024 | 0 | 0 | 6 | 80 | 74 |
| Jul 2024 | 0 | 0 | 6 | 80 | 74 |
| Aug 2024 | 0 | 0 | 6 | 80 | 74 |
| Sep 2024 | 0 | 0 | 6 | 80 | 74 |
| Oct 2024 | 0 | 0 | 6 | 80 | 74 |
| Nov 2024 | 0 | 0 | 6 | 80 | 74 |
| Dec 2024 | 0 | 0 | 6 | 80 | 74 |
| Jan 2025 | 0 | 0 | 6 | 80 | 74 |
| Feb 2025 | 0 | 0 | 6 | 80 | 74 |
| Mar 2025 | 0 | 0 | 6 | 80 | 74 |
| Apr 2025 | 0 | 0 | 6 | 80 | 74 |
| May 2025 | 0 | 0 | 6 | 80 | 74 |
| Jun 2025 | 0 | 0 | 6 | 80 | 74 |
| Jul 2025 | 0 | 0 | 6 | 80 | 74 |
| Aug 2025 | 0 | 0 | 6 | 80 | 74 |
| Sep 2025 | 0 | 0 | 6 | 80 | 74 |
| Oct 2025 | 0 | 0 | 6 | 80 | 74 |
| Nov 2025 | 0 | 0 | 6 | 80 | 74 |
| Dec 2025 | 0 | 0 | 6 | 80 | 74 |
| Jan 2026 | 0 | 0 | 6 | 80 | 74 |
| Feb 2026 | 0 | 0 | 6 | 80 | 74 |
| Mar 2026 | 0 | 0 | 6 | 80 | 74 |
Price Analysis
Price analysis for TMW MAXWELL based on monthly developer sales data.
| Period | Median PSF | Highest PSF | Lowest PSF |
|---|---|---|---|
| Aug 2023 | $3,338 psf | $3,739 psf | $3,143 psf |
Sales Velocity
Monthly units sold trend for TMW MAXWELL.
| Period | Units Sold |
|---|---|
| Aug 2023 | 6 |
Developer Background
Maxwell Commercial Pte Ltd/Maxwell Residential Pte Ltd is the developer of TMW MAXWELL.
New-build advantages. TMW MAXWELL offers modern unit layouts, contemporary facilities, full developer warranty, and the latest construction quality standards. For owner-occupiers, this translates to immediate move-in readiness without the renovation lift that resale typically requires. For investors, new-build status supports higher rental tenant preference and lower initial maintenance.
RCR positioning. The RCR segment in District 1 occupies a defined buyer cohort. RCR (Rest of Central Region) is the city-fringe segment — quality residential with reasonable CBD access at lower PSF than CCR. RCR demand is increasingly upgrader-driven as HDB owners seek private property in well-connected fringes. Use the district comparison calculator for cross-segment benchmarking.
Progressive Payment cash-flow. Under PPS, buyers pay in stages aligned with construction milestones (Foundation 10%, RC Framework 10%, Walls 5%, Roofing 5%, etc.), which spreads the cash outlay across the 3–4 year build window. This is materially different from resale where the full price clears within weeks of OTP. For yield-focused investors, the staged interest accrual on disbursed amounts only is a real cost advantage during construction. Model the cash-flow timeline via the cash flow calculator.
TOP timing risk. TBD is the expected TOP year but actual completion can slip 6–18 months on materials shortages, labour disputes, or developer cash-flow issues. Buyers committed to a TOP-aligned life event (relocation, child schooling, mortgage refinancing window) should factor a buffer. Developer track record on prior TOP timing is the best predictor; verify via past project history.
Rate-cycle risk. The 3–4 year PPS window between OTP and TOP exposes the buyer to SORA shifts. A buyer signing OTP at current 3.25% SORA could face TOP-year rates 100–200bp different in either direction. Stress-test affordability at SORA +75bp via the TDSR / MSR affordability calculator to confirm headroom under adverse rate scenarios.
Supply pipeline risk. Future GLS tranches near the project could introduce competing new launches that dilute pricing power. Check the URA GLS schedule for sites within a 1km radius of TMW MAXWELL; concentrated new-supply in a fringe district can cap price appreciation during the holding period.
Resale exit risk. New launches typically command a premium over resale; on exit, the buyer becomes the resale seller competing against newer launches in the same area. Holding through and beyond the 3-year Seller’s Stamp Duty (SSD) window is structural for most buyers; shorter holds risk both SSD and weak resale clearing.
[
{
"persona": "Singapore Citizen first-time buyer",
"fit_color": "amber",
"reason": "You pay 0% ABSD. RCR may stretch TDSR for median-income first-timers."
},
{
"persona": "SC upgrader (sell HDB / decouple)",
"fit_color": "green",
"reason": "The 6-month ABSD remission window applies if this is your second residential property. Coordinate the existing-property sale carefully."
},
{
"persona": "SC investor (second SC property)",
"fit_color": "amber",
"reason": "At 20% ABSD plus 4% all-in mortgage rate, leveraged yield maths is hostile. OCR yields are slightly better but still negative-carry typical."
},
{
"persona": "Permanent Resident",
"fit_color": "amber",
"reason": "PR pays 5% ABSD on first property. OCR/RCR is more accessible for PR upgraders."
},
{
"persona": "Foreign buyer (non-FTA national)",
"fit_color": "red",
"reason": "At 60% ABSD, the entry-cost premium versus an SC buyer is approximately $600K+ on a S$1.0M unit. Long-horizon owner-occupier motivation only."
},
{
"persona": "FTA national (US / Swiss / Liechtenstein / Norway / Iceland)",
"fit_color": "green",
"reason": "You qualify for SC-equivalent ABSD (0% / 20% / 30% by property number). Verify treaty eligibility with conveyancing lawyer before OTP."
}
]
Verdict for TMW MAXWELL. The project sits in a known new-launch segment with documented buyer-type fit and policy environment. The honest assessment depends on (a) launch-tranche pricing relative to comparable resale in District 1, (b) the Maxwell Commercial Pte Ltd/Maxwell Residential Pte Ltd developer track record, and (c) the buyer’s holding-horizon tolerance for the 3–4 year TOP window. For SC first-time buyers in OCR new launches, the 0% ABSD plus PPS cash-flow advantage make new-launch the often-rational choice. For SC second-property investors, the 20% ABSD plus negative-carry maths typically argues for resale value-buying instead. For foreign buyers, only owner-occupier residential motivation justifies the 60% ABSD entry. Suggested holding period: 7–10 years to amortise stamp duty and capture meaningful capital appreciation. Run total acquisition cost via the total acquisition cost calculator before committing.
Frequently Asked Questions
How many units does TMW MAXWELL have?
What is the absorption rate for TMW MAXWELL?
What is the average PSF for TMW MAXWELL?
What is the expected TOP for TMW MAXWELL?
Expected TOP is TBD. Actual completion typically tracks the developer’s timeline within +6 months; verify current construction progress via developer sales material or URA REALIS. (as of 2026-05)
What ABSD applies to TMW MAXWELL for a Singapore Citizen second-property purchase?
20% ABSD applies to a SC second residential property purchase, per the unchanged April-2023 cooling-measure schedule. On a S$2M purchase, that is S$400,000 upfront ABSD in addition to BSD of approximately S$69,600. Use the BSD/ABSD stamp duty calculator for exact figures (as of 2026-05).
Is TMW MAXWELL freehold or leasehold?
The tenure is recorded as undisclosed tenure. Verify via the developer’s sales material and your conveyancing lawyer; the tenure type affects long-run resale value via lease-decay dynamics on 99-year leasehold stock.
How does PPS interest accrual work for TMW MAXWELL?
Under Progressive Payment Scheme, you draw the mortgage in stages aligned with construction milestones. Interest accrues only on the disbursed amount, not the full purchase price, until TOP. Use the mortgage calculator at the current 4.00% effective rate to model staged disbursement.
What CPF can I use for TMW MAXWELL?
CPF Ordinary Account funds apply to private property purchases subject to Valuation Limit (VL) and Withdrawal Limit (WL) rules. See CPF housing usage rules. The accrued-interest mechanics apply on eventual sale: principal withdrawn plus 2.5% per annum must be returned to CPF, reducing net sale proceeds.
Methodology & Sources
The dataset behind this report spans All available months; we refresh it as new data becomes available.
Transaction data sourced from URA REALIS.
- Developer sales data from URA REALIS.
- Median PSF, highest and lowest PSF from URA developer sales records.
Price-per-square-foot (PSF) here means the median deal in the period; means are reserved for volume-weighted aggregates explicitly labelled as such.