Photo: Savills (Singapore)
SINGAPORE (EDGEPROP) - The House of Tan Yeok Nee, a historical building located at the junction of Clemenceau Avenue (previously Tank Road) and Penang Road is up for sale.
Savills (Singapore) is the exclusive marketing agent for the property.
The freehold property is commercial-zoned and was gazetted as a national monument on Nov 19, 1974. (Find Singapore commercial properties with our commercial directory)
It was also conferred the Urban Redevelopment Authority’s (URA) Architectural Heritage Award in 2001.
The building was constructed in 1882 and is the last of the four grand mansions built by Teochew tycoons, Tan Seng Poh, Seah Eu Chin, Wee Ah Hood and Tan Yeok Nee in Singapore during the late 19th century.
The House of Tan Yeok Nee sits on a land size of around 26,321 sq ft with a strata floor area of around 58,480 sq ft.
According to Yap Hui Yee, director of investment sales and capital markets at Savills (Singapore) the indicative guide price is $92 million, which translates to approximately $1,573 psf on floor area.
The property commands a prominent frontage of 50m and is just a five-minute walk away from Istana Park, Fort Canning Park and Plaza Singapura.
It is also located near Dhoby Ghaut MRT station on the North South, North-East and the Circle Lines.
The building commands the area’s highest vantage point, which overlooks the Istana.
It is currently tenanted to the Amity Global Institute's Singapore campus, which provides a stable income yield.
The House of Tan Yeok Nee was previously home to the University of Chicago Booth School of Business after an extensive restoration in 2000.
Following the university’s move to Hong Kong in 2013, the house has seen several owners in the interim, including ERC Holdings, who acquired the house for $60 million in May 2012.
ERC Holdings subsequently sold the property to Perennial Holdings Private Limited for just under $90 million in September 2013.
Today, the house is jointly owned by Perennial Holdings and Charles Quay International with a 50% stake each.
According to a spokesperson of Perennial Holdings, the owners had received a few unsolicited offers for the property.
“In view of the strong commercial market sentiment and incidentally, with one of the owners intending to exit, both owners decided to appoint Savills to run an Expression of Interest (EOI) exercise to maximise the potential value of the asset,” adds the spokesperson.
Jeremy Lake, the managing director of investment sales and capital markets at Savills Singapore, says the House of Tan Yeok Nee is a “one-of-a-kind opportunity for buyers to acquire an iconic, freehold landmark steeped in rich history in the Central Business District”.
“Its ‘national monument’ status is further augmented by its strategic location in the Orchard Road precinct, prime frontage and proximity to key MRT stations, as well as retail and office buildings. Buyers can also look forward to potential capital appreciation with the rejuvenation of the nearby Dhoby Ghaut area under the URA Master Plan,” Lake adds.
Yap continues, “Heritage commercial assets have registered strong rising demand, particularly in land-scarce Singapore”.
“Given the property’s rarity and excellent attributes, House of Tan Yeok Nee is an extremely compelling investment opportunity for buyers looking for an immediate income-yielding asset or an opportunity to convert the property for other commercial usages, such as private clubs, flagship corporate HQs and co-working spaces,” she says.
Foreigners and companies are eligible to purchase with no additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD) payable,” Yap adds.
The EOI exercise will close at 3pm on Dec 3.