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
Private commercial-school operator ERC Holdings is buying the House of Tan Yeok Nee for more than S$60 million from German fund manager Union Investment Real Estate AG.
According to Business Times, Savills brokered the sale of the property through a private equity and an option is said to have been issued this week.
The House of Tan Yeok Nee is located at the junction of Penang Road and Clemenceau Avenue. The historic landmark was named after a wealthy Teochew businessman who built the property in the 1880s.
It has a strata area of approximately 58,000 sq ft and is leased to The University of Chicago Booth School of Business, which expressed interest to lease the property for a few more years.
The gazetted national monument is restored in the year 2000, it is the last remaining traditional Chinese courtyard house in the country. The former owner sold the property along with the adjacent Cockpit Hotel and open-air carpark in 1996 to a WingTai-led consortium for approximately S$380 million.
While the consortium restored the house, it redeveloped the Cockpit Hotel and carpark into Visioncrest Residence and Visioncrest Commercial. Meanwhile, the conservation earned the project a special mention at the Paris-based FIABCI Prix d’Excellence Awards 2002 under the Specialised Category.
ERC is currently in talks to acquire the property and is looking for additional campus space to cater to the strong demand for its courses. It also owns more than 40,000 sq ft, or around 92 percent of total strata area at the six-storey North Bridge Commercial Complex located opposite of Bugis Junction.
Source : PropertyGuru – 2012 May 31