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

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. 

This article originally appeared on the CNA
Source link Author on date 2021-10-12 07:53:05

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