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The House of Tan Yeok Nee, a gazetted national monument at 101 Penang Road, has been put up for sale via an expression of interest (EOI) exercise with an indicative minimum price of $93 million, revealed joint marketing agents Cushman & Wakefield and PropNex Realty.
This works out to about $1,590 psf on the strata area and $3,109 psf on the current lettable area.
As part of the freehold Visioncrest mixed-use development in prime District 9, the property sits on a 26,321 sq ft site zoned commercial under the 214 Master Plan with a strata area of about 58,480 sq ft.
The property was built by Tan Yeok Nee, a wealthy Teochew businessman in Singapore and Johor during the 19th century, and was gazetted a national monument in 1974. It was the last of four mansions built by Teochew tycoons in the late 19th century.
In 2000, the Teochew courtyard house underwent restoration works, which saw 100 skilled Chinese craftsmen reconstruct the house at a cost of $12 million. With the restoration resulting in a masterpiece of traditional Chinese architecture retrofitted with modern facilities, the House of Tan Yeok Nee won special commendation from the Paris-based FIABCI at the Prix d’Excellence in 2002.
Currently, the House of Tan Yeok Nee is tenanted by an upmarket Traditional Chinese Medicine centre.
“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,” said Loyalle Chin of PropNex Realty, who specialises in conservation shophouses and heritage assets in the central business district.
“Moreover, there has been increasing shortage and pent-up demand for freehold conservation assets by family funds and ultra-high net worth individuals,” said Chin, adding that no Additional Buyer’s Stamp Duty is payable for the property which is open to foreign investment.
The EOI exercise for the property closes on 12 July.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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