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National monument House of Tan Yeok Nee near the Istana up for sale

National monument House of Tan Yeok Nee near the Istana up for sale

House of Tan Yeok Nee was constructed in 1882. (Photo: Savills)

SINGAPORE: House of Tan Yeok Nee, a national monument near the Istana, is up for sale at an indicative price of S$92 million. 

This translates to about S$1,573 psf on strata floor area of about 58,480 sq ft, said marketing agent Savills Singapore on Tuesday (Oct 12). 

Located at the junction of Clemenceau Avenue and Penang Road, House of Tan Yeok Nee is the sole surviving property of the "Four Mansions" built by Teochew tycoons in the late 19th century.

"It is also one of only 73 buildings in Singapore gazetted as national monuments, and among only nine that are zoned commercial and five that are privately-owned," said Savills in a media release.

The property sits on freehold land spanning 26,321 sq ft.

It is currently tenanted to an international educational institution, which provides an "immediate stable income yield", said Savills. Private college Amity Global Institute is located at 101 Penang Road, which is the address for House of Tan Yeok Nee. 

Built in 1882, the iconic property went through restoration in 2000, which involved 100 Chinese craftsmen.

"Heritage commercial assets have registered strong rising demand, particularly in land-scarce Singapore," said Ms Yap Hui Yee, director of investment sales and capital markets at Savills 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."

The expression of interest exercise will close on Dec 3 at 3pm. 

According to the National Heritage Board (NHB), Tan Yeok Nee was a Teochew pioneer and a major gambier merchant whose plantations were mostly located in Johor. 

By 1902, the family had moved out of the home amid construction of the Tank Road Railway Station nearby. The building became the station master's residence. 

Later, the building housed St Mary’s Home and School for Eurasian girls. In 1938, the house was acquired by the Salvation Army and became its central command headquarters. During World War II, the property was occupied by the Japanese army.

In recent years, the house was the Asian campus of the University of Chicago Booth School of Business and was later leased to a Traditional Chinese Medicine centre.

Source: CNA/ad(gs)


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