SINGAPORE (EDGEPROP) - The historic House of Tan Yeok Nee at 101 Penang Road has finally found a buyer. According to market sources, transacted price of the freehold commercial property is said to be in the range of $85 million to $88 million. Savills Singapore was the exclusive marketing agent that brokered this deal.

The property had been put up for sale in May 2018 with an indicative price of at least $93 million, or about $1,590 psf based on the strata area of 58,480 sq ft. However, it was unable to secure a buyer at the time. It subsequently went on the market again in October 2021 with an indicative guide price of $92 million ($1,573 psf). (Check all latest Singapore property Market Trends)

According to a press release by Savills Singapore on March 3, the freehold commercial property was sold in a “competitive” Expression of Interest exercise and the sale is expected to be completed in May this year.

“The response of the EOI for House of Tan Yeok Nee was overwhelming and we have received enquiries from many new to market buyers from China, Indonesia, Hong Kong, India and South Korea,” says Yap Hui Yee, senior director of Investment Sales & Capital Markets at Savills Singapore. She adds that there is a strong demand for heritage commercial assets in Singapore.

The House of Tan Yeok Nee was jointly owned by Perennial Holdings and Charles Quay International. According to the press release, the buyer is an entity linked to the family of Bachtiar Karim

“The divestment of House of Tan Yeok Nee, together with our partner, is part of our active capital recycling strategy. We are pleased that the iconic heritage asset will write its next ownership chapter with a reputable family befitting of its stature,” says Yeoh Szu Wooi, senior general manager, Investment & Asset Management (Singapore) of Perennial Holdings.

The property is one of only 73 buildings in Singapore that are gazetted as National Monuments. Of this exclusive group of buildings only nine are zoned ‘Commercial’ and five of these commercial buildings are in private hands. (Find Singapore commercial properties with our commercial directory)

The historic property was also conferred the Architectural Heritage Award in 2001 by the Urban Redevelopment Board, and it won special recognition at the FIABCI Prix d’Excellence Awards in 2002 in recognition of its sensitive restoration in 2000.

“The House of Tan Yeok Nee is a landmark asset with enduring appeal and timeless value. Our family hopes to pay tribute to its long and cherished history and are currently exploring various investment strategies for the modern generation to enjoy this conservation marvel,” says Chayadi Karim, spokesperson for the buyer.