House of Tan Yeok Nee up for sale at $92m indicative price

House of Tan Yeok Nee, a gazetted national monument at the junction of Clemenceau Avenue and Penang Road, is up for sale again.

Jointly owned by Perennial Holdings and Charles Quay International, the last remaining traditional Chinese courtyard house in Singapore is being marketed at an indicative guide price of $92 million, which translates to $1,573 per square foot on strata area, said marketing agent Savills Singapore.

The expression of interest (EOI) exercise will close at 3pm on Dec 3.

The two-storey freehold commercial-zoned property has received several unsolicited offers.

"In view of the strong commercial market sentiment and with one of the owners intending to exit, both owners decided to run an EOI exercise," a Perennial spokesman told The Straits Times yesterday.

In 2018, House of Tan Yeok Nee had been put on the market at $93 million, but the owners did not proceed with the sale, said the spokesman.

The joint venture between Perennial and Charles Quay is understood to have paid around $73 million for the property in 2013, according to The Business Times.

Located near Istana Park, Fort Canning Park and Dhoby Ghaut MRT station, House of Tan Yeok Nee sits on a 26,321 sq ft site, with a strata floor area of 58,480 sq ft.

It is currently leased to an international education institution.

Ms Yap Hui Yee, director of investment sales and capital markets at Savills Singapore, said: "Heritage commercial assets have registered strong demand, particularly in Singapore. House of Tan Yeok Nee offers an immediate income-yielding asset or an opportunity to convert the property for other commercial uses, such as private clubs, flagship corporate HQs and co-working spaces."

There are no development charges, additional buyer's stamp duty or seller's stamp duty payable.

Mr Jeremy Lake, managing director of investment sales and capital markets at Savills Singapore, said: "Buyers can also look forward to potential capital appreciation with the rejuvenation of the Dhoby Ghaut area under the URA Master Plan."

Gazetted as a national monument in 1974, House of Tan Yeok Nee is named after a wealthy Teochew businessman who built it in the 1880s. It is one of 73 buildings in Singapore gazetted as national monuments, and among nine that are commercial-zoned.

In 2000, the Teochew courtyard house underwent restoration costing $12 million and involving 100 skilled Chinese craftsmen.

The restored house was conferred the Urban Redevelopment Authority's Architectural Heritage award in 2001 and won special commendation from the Paris-based FIABCI Prix d'Excellence in 2002.

Separately, Holland Hill Lodge, a freehold 11-apartment project at 5 Holland Hill, has been put up for collective sale via public tender at $25.8 million, which works out to $1,741 per sq ft per plot ratio.

This is the second collective sale attempt for the project and the public tender exercise will close on Nov 15 at 2.30pm.

Located near the intersection of Holland Road and Farrer Road, the property has a site area of 9,033 sq ft and can be redeveloped into a project with up to 15 new units.

The site is near the Singapore Botanic Gardens, Dempsey Hill and Holland Village.

Marketing agent Low Choon Sin, managing partner of SRI Capital Market, noted that "over the past 15 months, more than 70 per cent of collective sale sites that sold were at below $100 million".

He said the Holland Hill Lodge site can be redeveloped into "a single block of luxurious apartments to house multiple-generation families or even for single-family living".

A version of this article appeared in the print edition of The Straits Times on October 13, 2021, with the headline 'House of Tan Yeok Nee up for sale at $92m indicative price'. Subscribe