Strong Demand Drives Further Expansion at Maxwell Chambers, Boosting Singapore’s Position as Dispute Resolution Hub
22 Jun 2017 Posted in Press releases
The Ministry of Law (MinLaw) announced today that 65 percent of the new office space at 28 Maxwell Road has already been taken up even before refurbishment works begin. To meet the strong demand, MinLaw will build a second annexe block to add 3,500 square feet of extra office space, on top of the 120,000-square-feet expansion that was originally planned. 28 Maxwell Road was today renamed ‘Maxwell Chambers Suites’ to reflect its new role and function as an integral part of Singapore’s dispute resolution ecosystem.
Speaking to around 70 leading dispute resolution practitioners at the Ground-Breaking ceremony of 28 Maxwell Road this morning, Indranee Rajah S.C., Senior Minister of State (SMS) for Law and Finance, said, “Maxwell Chambers’ aggressive expansion is testament to Singapore’s strong growth as an international hub for dispute resolution. Our vision is for Maxwell Chambers to be a base in Asia for all major players, from which they can access and capture opportunities in the region.”
MinLaw also announced today that Maxwell Chambers Suites, when completed in 2019, will provide a new 24-hour public thoroughfare that will allow easier pedestrian access between the Tanjong Pagar MRT station and the Chinatown area. These two areas are currently separated by the 161-metre long building along Maxwell Road. The expansion of Maxwell Chambers is part of a larger plan to transform Tanjong Pagar into a vibrant, high density mixed-use district with a live-in population in the city centre. When completed, these developments together will create 300,000 square metres of office space, 60,000 square metres of retail and F&B offerings, 1,200 hotel rooms and more than a thousand homes.
Expanding Maxwell Chambers to serve growing demand
- When completed in 2019, Maxwell Chambers Suites will provide, over four floors, about 50 new offices for international dispute resolution institutions, arbitration chambers, law firms and ancillary legal services. It will now also have two new annexe blocks, which will cater to larger offices which need more space for their operations. Located at each end of the 161-metre building, the annexe blocks will have a larger footprint of 99 and 109 square metres on each floor.
- Maxwell Chambers Suites will give top dispute resolution institutions and arbitration chambers the opportunity to strengthen their presence and ability to serve growing needs in Asia. For example, The Arbitration Chambers will more than double its floor space in Maxwell Chambers Suites. One Essex Court will also be more than doubling the space of its only international office outside of the United Kingdom.
- For the first time, Maxwell Chambers Suites will host an ancillary service provider. Opus 2 International, a company providing legal support and transcription services, will be relocating to Maxwell Chambers Suites to be in closer proximity to their clients and serve them better.
Taking dispute resolution work in Singapore to the next level
- MinLaw has identified investment arbitration as a new area of opportunity for dispute resolution work in Singapore. Investment arbitration seeks to resolve investment disputes between foreign investors and host states. As at June 2017, around ten investment arbitration hearings were held or are going to be held in Singapore in 2017, double the number in 2013.
- Highlighting the opportunities in this area, SMS Indranee said, “Investment arbitration typically involves complex and high-stake cases which will provide good exposure for Singapore’s legal talent and help raise Singapore’s profile as a dispute resolution centre”.
- Maxwell Chambers is the world’s first integrated dispute resolution complex, housing both best-in-class hearing facilities and top international dispute resolution institutions. Since its establishment in 2010, Maxwell Chambers has quickly become one of the most preferred hearing facilities in the world. In 2016, 212 arbitration cases were heard at Maxwell Chambers, an 18 per cent increase over the 179 cases in 2015.
- The expansion of Maxwell Chambers into the adjacent building at 28 Maxwell Road is part of MinLaw’s plans to support the growth of dispute resolution institutions in Singapore, which have seen significant increases in caseload. It will also attract more international institutions, arbitration chambers and law firms to Singapore. The expansion will help Singapore capture new opportunities in Asia, as regional demand for dispute resolution services continues to grow.
- Singapore is today a leading centre in the world for cross-border dispute resolution, alongside London, Paris, Geneva and Hong Kong. Singapore’s global connectivity, legal expertise and trusted, neutral, and stable legal system have made Singapore an attractive location.
- In January, the Singapore Parliament passed two Bills which will help draw more dispute resolution work to Singapore. The Civil Law (Amendment) Bill 2016 provides a framework for third-party funding in Singapore, to give businesses another financing option for international commercial arbitration. The Mediation Bill 2016 supports international commercial mediation work by strengthening enforceability of mediated settlements.
MINISTRY OF LAW
22 JUNE 2017
Last updated on 05 Sep 2017