National monument House of Tan Yeok Nee put on the market again for S$92m

THE House of Tan Yeok Nee, a gazetted national monument at the junction of Penang Road and Clemenceau Avenue, has been put up for sale via expression of interest with an indicative price of S$92 million.

This translates to about S$1,573 per square foot (sq ft), based on a strata floor area of about 58,480 sq ft, according to exclusive marketing agent Savills Singapore.

Property and healthcare group Perennial Holdings owns a half stake in the property, the other half belongs to Charles Quay International - the vehicle of an unnamed Chinese individual. House of Tan Yeok Nee was for sale in 2018 with price expectations of "above S$90 million". 

The two-storey building sits on a freehold plot spanning 26,321 sq ft which is zoned for commercial use. It is also tenanted to an international educational institution, which provides an immediate stable income yield, Savills said.

Constructed in 1882, House of Tan Yeok Nee is the sole survivor of the "Four Mansions" built by Teochew tycoons in the late 19th century. It is also one of 73 buildings in Singapore gazetted as national monuments, of which only nine are zoned for commercial use and five are privately-owned.

In terms of location, House of Tan Yeok Nee is a five-minute walk to Istana Park, Fort Canning Park and Plaza Singapura. It is also close to Dhoby Ghaut MRT Interchange station as well as Somerset MRT station.

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Savills Singapore managing director of investment sales and capital markets Jeremy Lake said buyers can look forward to potential capital appreciation with the rejuvenation of the nearby Dhoby Ghaut area under the Urban Redevelopment Authority's Master Plan.

Yap Hui Yee, Savills Singapore director of investment sales and capital markets added that heritage commercial assets have registered strong demand.

She noted that 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 headquarters and co-working spaces.

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

READ MORE:

• House of Tan Yeok Nee back on the market
• Perennial unit seeking to start conspiracy claim against ex-Sakae director Andy Ong