Courtyard house up for sale

Courtyard house up for sale

The last traditional Chinese courtyard house in Singapore, the House of Tan Yeok Nee, will be put up for sale just one year after it last changed hands.

House of Tan Yeok Nee through the years

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    The last traditional Chinese courtyard house in Singapore, the House of Tan Yeok Nee, will be put up for sale just one year after it last changed hands.

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    Currently leased to The University of Chicago (UChicago) Booth School of Business, the house owned by ERC Holdings is now a commercial property and will be sold with an existing tenancy, said Mr Anthony Barr, Jones Lang LaSalle national director of investment sales. UChicago Booth's tenancy will end in 2015.

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    the House of Tan Yeok Nee which now houses the University of Chicago's graduate school of business, has received special mention by an international real estate federation.

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    The Paris-based Federation of International Real Estate Agents (Fiabci) gave the conservation project a special mention in its Prix d'Excellence 2002 under the Specialised Category.

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    Mr Barr also said the agency will not be disclosing the asking price for the property, which has a strata area of 58,000 sq ft.
    "The offering provides an opportunity for owner-occupiers and investors to acquire a freehold commercial building located between Singapore's premier shopping district and the Central Business District," said Jones Lang LaSalle in a statement.

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    The Salvation Army Headquarters of Singapore. In1885, the building was built for towkay Tan Yeok Nee (1827-1902), who was a wealthy Teochew gambler and pepper merchant.

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    It has also been the dwelling for a station master, a bishop, Eurasian girls, boarders, a training school, the quarters of two very different armies, the Japanese and the Salvation Army.

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    In 1945, when the Japanese left, the Salvation Army started on the long and ardous task of restoring the damage that had been wrought.
    The project took six years until 1951, when the Governor, Sir Franklin Gimson, officially opened the noble building as The Salvation Army Headquarters.

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    Impressive three-dimensional plaster relief and calligraphy adorning the doorway of the entrance to the building.

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    Mr Donald Han, special adviser at HSR Property Consultants, said he expects the property to fetch bids of between $1,600 per sq ft (psf) and $1,800 psf, with buying interest from conservation investors looking to add more of such properties to their portfolio.

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    Based on his estimate, the property may fetch between $92.8 million and $104.4 million.

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    Commissioner and Mrs Lim Ah Ang were Salvation Army officers who got married at the House of Tan Yeok Nee in Dhoby Ghaut in 1958.

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    Then-Minister for Education RAdm Teo Chee Hean and former president Nathan at the opening of the Chicago Graduate School of Business Asian campus.

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    The house when it was the Salvation Army building.

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    The House of Tan Yeok Nee in Dhoby Ghaut is the last standing traditional Chinese courtyard house in Singapore. The house was built in the 1880s by former compulsive gambler Tan, who paid off his debts through his huge wealth from the pepper, gambier and opium trade here and in Johor.

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    At the height of his fortune, he was the highest- ranking Chinese official in Johor, but had his assets there repossessed by the state government following a reported power struggle.

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    Mr K K Tan, a great grandson of the Swatow-born merchant, Tan Yeok Nee, whose former home at Clemenceau Avenue is now a National Monument.

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    Chinese artisan Lun Jinsheng, 32, repairing the intricate flower and crab motif of the wooden structure.

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    Assocaite Dean Bill Kovsar standing at the door-way infront of houseTan Yeok Nee.

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    A craftsman studying the original timber roofing decoration intently in order to make a perfect replica.

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    The intricate carvings on the roof. Skilled workers from China were brought specially for the job.

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    House of Tan Yeok Nee built in 1882 is located at 207, Clemenceau Ave. Formerly the home of wealthy Teochew businessman Tan Yeok Nee, this is the only surviving mansion of Singapore’s famous Four Mansions.

Marketing for the property, at the corner of Penang Road and Clemenceau Avenue, has started and it will be sold via a tender process, said the sole marketing agent Jones Lang LaSalle on Monday.

Currently leased to The University of Chicago (UChicago) Booth School of Business, the house owned by ERC Holdings is now a commercial property and will be sold with an existing tenancy, said Mr Anthony Barr, Jones Lang LaSalle national director of investment sales. UChicago Booth's tenancy will end in 2015.

Mr Barr also said the agency will not be disclosing the asking price for the property, which has a strata area of 58,000 sq ft.

"The offering provides an opportunity for owner-occupiers and investors to acquire a freehold commercial building located between Singapore's premier shopping district and the Central Business District," said Jones Lang LaSalle in a statement.

Mr Donald Han, special adviser at HSR Property Consultants, said he expects the property to fetch bids of between $1,600 per sq ft (psf) and $1,800 psf, with buying interest from conservation investors looking to add more of such properties to their portfolio.

Based on his estimate, the property may fetch between $92.8 million and $104.4 million.

In May last year, ERC Holdings bought The House of Tan Yeok Nee for more than $60 million from German fund manager Union Investment Real Estate via a private deal.

The House of Tan Yeok Nee is named after a wealthy Teochew businessman who made his fortune in Singapore in pepper, gambier and opium, and built the house for his family to live in.

Its usable space can be increased by reconfiguring the void areas and through the use of courtyard space, said Mr Barr.

Tender for The House of Tan Yeok Nee will close on July 5, at 3pm.


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