Cover Photo: Savills Singapore
Photo: Savills Singapore
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The freehold commercial-zoned national monument has been put up for sale through an expression of interest with an indicative price of $92 million
The house of Tan Yeok Nee, a freehold commercial-zoned national monument that is located near Orchard Road has been put up for sale through an expression of interest with an indicative price of $92 million.
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This is essentially about $1,573 per square foot (sq ft) based on a strata floor area of about 58,480 sq ft.
According to Singapore Infopedia, Tan Yeok Nee was a wealthy Teochew businessman who made his money through his investments in gambier, pepper, spirit and opium farms in Johor and Singapore.
He was considered a distinguished gentleman by British officials and would frequently be called upon to represent the Chinese business community in official events.
The House of Tan Yeok Nee was constructed in 1882 during a time when Singapore was building up residential properties and getting nutmeg plantations and fruit trees out of the way along Orchard Road.
Over the years, the building stood through many historical events. It was acquired by the Salvation Army in 1938 and then became the organisation’s central command headquarters shortly after.
When World War II hit the country, the Japanese army occupied the house and damaged it significantly. The Salvation Army ended up spending a lot of money to restore the house. It was then reopened in 1951.
When the Salvation Army relocated its headquarters in 1991 to Bishan, the house was sold to hotelier Teo Lay Swee. It was again bought over by a consortium led by Wing Tai which at that point was a key player in the local garment industry.
In 1999, the house was restored and became the Asian campus of the University of Chicago Booth School of Business.
It remained that way till it was sold to Perennial Real Estate Holdings in 2013.
Above Photo: Savills Singapore
Photo: Savills Singapore
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As Singapore’s last traditional Chinese courtyard house, the building is only one of the 73 buildings in Singapore that have been gazetted as national monuments.
The house itself is a typical southern Chinese residential mansion that was constructed by Chinese craftsmen.
It has high walls and two courtyards along with distinctive Chinese roofs. That said, the house is not only Chinese in its design. Rather, it includes European features such as beautiful Tuscan order pilasters and large French windows in the rear hall.
When the house was restored in 1999, it took 100 Chinese craftsmen to complete and involved architecture that incorporates the five Chinese elements as well as $12 million in total.
It won a special commendation at the Fiabci Prix d’Excellence Awards in 2002 for this restoration. In 2001, the property was also given the Urban Redevelopment Authority’s (URA) Architectural Heritage Award.
Currently, property and healthcare group Perennial Holdings owns half a stake in the property while the other half is owned by Charles Quay International.
Above Photo: Savills Singapore
Photo: Savills Singapore
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With its strategic location at the junction of Clemanceau Avenue and Penang Road, House of Tan Yeok Nee is a five-minute walk to Istana Park, Fort Canning Park and Plaza Singapura.
“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,” said Ms Yap Hui Yee, the director of investment sales and capital markets at Savills Singapore which is the property’s marketing agent.
The expression of interest exercise will close at 3 pm on December 3.
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Camillia Dass is the digital writer for Tatler Singapore.
