Oct 13, 2021
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The House of Tan Yeok Nee sits on a 26,321 sq ft site, with a strata floor area of about 58,480 sq ft. Source: Perennial Holdings

House of Tan Yeok Nee, a freehold national monument situated at the junction of Penang Road and Clemenceau Avenue, has been put up for sale via expression of interest (EOI) with a guide price of $92 million, revealed exclusive marketing agent Savills Singapore.

This works out $1,573 per sq ft (psf) based on a strata floor area of about 58,480 sq ft.

The only survivor of the ‘Four Mansions’ constructed by Teochew tycoons during the late 19th century, the property is one of 73 buildings in Singapore gazetted as national monuments. It is also among nine that are zoned commercial and one of five that are privately-owned.

The property was built in 1882 and occupies a 26,321 sq ft site within the Central Business District (CBD) and Orchard Road precinct, near Dhoby Ghaut MRT Interchange station as well as Somerset MRT station.

House of Tan Yeok Nee is also a five-minute walk to Istana Park, Plaza Singapura and Fort Canning Park. Currently, it is tenanted to an international educational institution.

“House of Tan Yeok Nee presents 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,” said Jeremy Lake, Managing Director of Investment Sales & Capital Markets at Savills Singapore.

“Buyers can also look forward to potential capital appreciation with the rejuvenation of the nearby Dhoby Ghaut area under the URA Master Plan.”

Meanwhile, Yap Hui Yee, Director, Investment Sales & Capital Markets at Savills Singapore, noted that heritage commercial assets have witnessed robust demand.

“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 said.

She added that foreigners and companies could acquire the commercial-zoned national monument with no Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD) payable.

The EOI exercise for House of Tan Yeok Nee closes on 3 December.

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg

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