12 October 2021 – Savills Singapore, as the exclusive marketing agent, is proud to offer for sale House of Tan Yeok Nee, a freehold commercial-zoned national monument strategically located in Singapore’s Central Business District and Orchard Road precinct.
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 only 73 buildings in Singapore gazetted as national monuments, and among only nine that are zoned “Commercial” and five that are privately-owned.
The iconic property was conferred the Urban Redevelopment Authority’s (URA) Architectural Heritage Award in 2001 and won a special commendation at the FIABCI Prix d’Excellence Awards in 2002 in recognition of its beautiful and sensitive restoration in 2000 that took 100 Chinese craftsmen to complete. Its distinctive architecture incorporates the five Chinese elements, auguring harmony and prosperity.
House of Tan Yeok Nee sits on a freehold land of approximately 26,321 square feet, with a strata floor area of approximately 58,480 square feet. Overlooking the Istana, it commands the area’s highest vantage point. As part of the Visioncrest mixed-use development, it is currently tenanted to an international educational institution, which provides an immediate stable income yield.
Strategically located at the junction of Clemanceau Avenue and Penang Road, House of Tan Yeok Nee enjoys a prominent frontage of approximately 50 metres and is a five-minute walk to Istana Park, Fort Canning Park and Plaza Singapura. It also enjoys excellent connectivity with its proximity to Dhoby Ghaut Mass Rapid Transit (“MRT”) interchange station, which serves the North-South Line, North-East Line and Circle Line, and Somerset MRT station, which serves the North-South Line.
Mr. Jeremy Lake, Managing Director of Investment Sales & Capital Markets at Savills Singapore, said: “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. Buyers can also look forward to potential capital appreciation with the rejuvenation of the nearby Dhoby Ghaut area under the URA Master Plan.”
Ms Yap Hui Yee, Director, Investment Sales & Capital Markets at Savills Singapore, shared: “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, such as private clubs, flagship corporate HQs and co-working spaces. The indicative guide price is S$92 million, which translates to approximately S$1,573 psf on floor area. Foreigners and companies are eligible to purchase with no additional buyer’s stamp duty and seller’s stamp duty payable.”
The expression of interest (EOI) exercise will close at 3pm on Friday, 3 December 2021.