House of Tan Yeok Nee up for sale by tender

The House of Tan Yeok Nee, the building which formerly housed the University of Chicago Booth School of Business, has been put up for sale by tender.

Located at the corner of Penang Road and Clemenceau Avenue, the building was gazetted as a National Monument by the Preservations of Monument Board in 1974.

The freehold commercial property also won a special commendation from the Paris-based FIABCI at the Prix d’Excellence in 2002.

According to the marketing agent Jones Lang LaSalle, the property has the potential for alternative uses such as a flagship office building, specialist retail, hospitality or F&B usage.

It added that owner occupiers or investors can also leverage off the building’s prominence and historical significance.

Jones Lang LaSalle’s national director of Investments, Anthony Barr, said: “This is a rare opportunity to acquire an asset for commercial use in a prime location in the Orchard Road precinct.

“Potential to increase existing usable space through the reconfiguration of void areas and use of courtyard space could provide further amenity to owners of the building.”

The property is owned by ERC International. ERC had acquired the site for a reported S$60 million from German real estate fund Union Investment Real Estate in 2012.

The tender will close on 5 July 2013.

Source : CNA – 27 May 2013