House of Tan Yeok Nee sold to family of Indonesian tycoon Bachtiar Karim
House of Tan Yeok Nee was constructed in 1882. (Photo: Savills)
SINGAPORE: The House of Tan Yeok Nee, a national monument near the Istana, has been sold to an entity linked to the family of Indonesian businessman Bachtiar Karim.
The sale was made following a competitive expression of interest exercise and the transaction is expected to be completed in May 2022, marketing agent Savills Singapore said on Thursday (Mar 3).
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.
The House of Tan Yeok Nee is among the 74 buildings in Singapore gazetted as national monuments, "and among only nine that are zoned commercial and five that are privately-owned", said Savills.
“House of Tan Yeok Nee is a landmark asset with enduring appeal and timeless value. Our family hopes to pay tribute to its long and cherished history, and are currently exploring various investment strategies for the modern generation to enjoy this conservation marvel,” said the spokesperson of the Karim family, Chayadi Karim.
The response for the expression of interest exercise for the House of Tan Yeok Nee was "overwhelming", with enquiries coming from many new to market buyers from China, Indonesia, Hong Kong, India and South Korea, said Ms Yap Hui Yee, director of investment sales and capital markets at Savills Singapore.
"The result is testament to the strong demand for heritage commercial asset and we are delighted to broker this transaction which marks one of the largest commercial heritage transactions in Singapore."
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.
Currently the private college Amity Global is located at 101 Penang Road, which is the address for the House of Tan Yeok Nee.
The property was conferred the Urban Redevelopment Authority's Architectural Heritage Award in 2001.
Invictus Developments, a boutique real estate investment company owned by the Karim family, is currently redeveloping the former Darby Park Executive Suites at Orange Grove Road into a luxury boutique hotel The Standard Singapore, set to open next year.
