Savills is the exclusive marketing agent for the property.It was also conferred the Urban Redevelopment Authority’s Architectural Heritage Award in 2001.
According to Yap Hui Yee, director of investment sales and capital markets at Savills the indicative guide price is $92 million, which translates to approximately $1,573 psf on floor area. The House of Tan Yeok Nee was previously home to the University of Chicago Booth School of Business after an extensive restoration in 2000.
According to a spokesperson of Perennial Holdings, the owners had received a few unsolicited offers for the property. “Its ‘national monument’ status is further augmented by its strategic location in the Orchard Road precinct, prime frontage and proximity to key MRT stations, as well as retail and office buildings. Buyers can also look forward to potential capital appreciation with the rejuvenation of the nearby Dhoby Ghaut area under the URA Master Plan,” Lake adds.
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