Cushman & Wakefield and PropNex Realty have been appointed as the joint exclusive marketing agents for the sale of the House of Tan Yeok Nee at 101 Penang Road, Singapore (the “Property”) through an expression of interest exercise which will close on 12 July 2018, 3.00 pm. The Property is to be sold at an indicative minimum price of S$93 million. This translates to approximately S$ 1,590 per square foot (“sq ft”) on strata area and S$ 3,109 per sq ft on current lettable area.
Built by the wealthy Chinese businessman Tan Yeok Nee, a powerful and influential Teochew businessman in Singapore and Johor during the 19th century, the House of Tan Yeok Nee is the most elaborate mansion and a visual reminder of the Chinese presence in early Singapore. Gazetted a National Monument in 1974, the mansion has a distinct southern Chinese architecture and is adorned with auspicious imagery and decorative motifs. The House of Tan Yeok Nee is also the last standing of the Four Mansions built by Teochew tycoons in the late 19th century in Singapore.
In 2000, the restoration of the Chinese Teochew courtyard house saw 100 skilled Chinese craftsmen reconstructing the house at a cost of S$12 million. The result was a masterpiece of traditional Chinese architecture retrofitted with modern facilities, which housed the Asian Campus of the University of Chicago Booth School of Business. The restored house won special commendation from the Paris-based FIABCI at the Prix d’Excellence in 2002. The House of Tan Yeok Nee is currently tenanted by an upmarket Traditional Chinese Medicine (“TCM”) centre.
Sitting on Freehold land, the Property is part of the mixed-use development within Visioncrest, zoned “Commercial” under the 2014 Master Plan. It has a site area and strata area of approximately 26,321 sq ft and approximately 58,480 sq ft respectively.
Situated within the Orchard Road District, near The Istana, the Property enjoys prominent frontages along Penang Road and Clemenceau Avenue. It is within three minutes’ walk to Dhoby Ghaut Mass Rapid Transit (MRT) Interchange Station and Singapore’s prime shopping belt. The property also enjoys good highway accessibility, with direct access to the Central Expressway.
According to Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, “This is a collector’s masterpiece widely recognised for its architectural values, the only one of its kind heritage asset in Singapore. The Property has previously been approved for commercial school and TCM healthcare usages. Given its unique architectural features and central location, the successful buyer can also explore other usages like office, recreation club, community centre, hotel, subject to the authorities’ approvals.”
Loyalle Chin of PropNex Realty, specialising in Conservation Shophouses and heritage assets in Central Business District, noted, “With unprecedented popularity of business or corporate colleges in demanding more spaces and the rising trend for private members’ clubs like Straits Clan, this recently rejuvenated rich heritage gem with ample adjacent carpark lots and just a short walk to Dhoby Ghaut MRT triple-line interchange could be the solution.” “Moreover, there has been increasing shortage and pent-up demand for Freehold conservation assets by family funds and ultra-high net worth individuals,” Loyalle added. “Zoned as fully Commercial, House of Tan Yeok Nee has no additional buyer’s stamp duty and is open to foreign investment.”