The House of Tan Yeok Nee is a historic building at the intersection of Clemenceau Avenue, previously Tank Road, and Penang Road. It’s for sale.
Savills (Singapore), is the exclusive agent for this property.
The freehold property is zoned commercially and was designated a national monument in November 1974.
In 2001, it was also awarded the Urban Redevelopment Authority (URA) Architectural Heritage Award.
This building was built in 1882. It is one of four grand mansions constructed by Teochew tycoons Tan Seng Poh and Seah Eu Chin.
The House of Tan Yeok Nee is situated on approximately 26,321 square feet of land with a strata area of about 58,480 square feet.
Yap Hui Yee (director of investment sales at Savills in Singapore), stated that the indicative guide price for the property is $92million. This translates into approximately $1,573 per square foot.
This property has a 50m frontage and is only five minutes away from Plaza Singapura, Fort Canning Park, and Istana Park.
It can also be found near Dhoby Ghaut MRT Station on the North South and North-East Lines.
This building is the highest point of view in the area, overlooking the Istana.
It is currently rented to Amity Global Institute’s Singapore campus. This provides stable income yield.
After extensive restorations in 2000, the House of Tan Yeok Nee was once home to University of Chicago Booth School of Business.
The house was purchased by ERC Holdings in May 2012 for $60 million.
ERC Holdings sold the property to Perennial Holdings Private Limited in September 2013 for less than $90 million.
Perennial Holdings, Charles Quay International and a half each own the house today.
Perennial Holdings spokesperson said that the owners received several unsolicited offers to purchase the property.
The spokesperson adds that “in view of strong commercial market sentiment, and incidentally with one of them intending to leave, both owners decided on Savills to conduct an Expression of Interest (EOI), to maximize the potential value of this asset.”
Jeremy Lake, Savills Singapore’s managing director of capital markets and investment sales, said that the House of Tan Yeok Nee offers buyers a unique opportunity to purchase an iconic, freehold landmark with rich Central Business District history.
Its status as a ‘national monument’ is enhanced by its prime location in Orchard Road precinct and proximity to key MRT stations as well as retail or office buildings. Lake says that buyers can look forward to capital appreciation through the revitalization of the Dhoby Ghaut region under the URA Master Plan.
Yap adds, “Heritage assets are in strong demand, especially in land-scarce Singapore.”
She says that House of Tan Yeok Nee, due to its rarity and other outstanding attributes, is a compelling investment opportunity for those looking for immediate income or a chance to convert the property for commercial purposes such as private clubs and flagship corporate headquarters.
Yap states that foreigners and companies can purchase without additional buyer’s and seller’s stamp duties (ABSD).
The EOI exercise closes at 3 p.m. on December 3.