House of Tan Yeok Nee sold to entity linked to Indonesian tycoon
The Business Times, 4 Mar 2022, Fri 5:50 am
By Vivienne Tay
NATIONAL monument House of Tan Yeok Nee has been sold for an undisclosed amount to an entity linked to the family of low-profile Indonesian tycoon Bachtiar Karim.
The Business Times understands the property was sold below the asking price of S$92 million but above S$85 million.
The property, a gazetted national monument at the junction of Penang Road and Clemenceau Avenue, was put up for sale via expression of interest (EOI) in October 2021. Its indicative price translates to about S$1,573 per square foot, based on a strata floor area of about 58,480 square feet (sq ft), said exclusive marketing agent Savills Singapore at the time.
In a press statement on Thursday (Mar 3), Savills Singapore director of investment sales and capital markets Yap Hui Yee said the EOI garnered an overwhelming response. Savills received enquiries from many new to market buyers from China, Indonesia, Hong Kong, India and South Korea, she noted.
Constructed in 1882, House of Tan Yeok Nee is the sole survivor of the “Four Mansions” built by Teochew tycoons in the late 19th century. It is also one of 73 buildings in Singapore gazetted as national monuments, of which only 9 are zoned for commercial use and 5 are privately-owned.
The 2-storey commercial building sits on a freehold plot spanning 26,321 sq ft. It is also tenanted to an international educational institution, Savills said in October.
The sellers are Perennial Holdings and Charles Quay International – who each hold a half stake in the property. Savills expects the transaction to be completed in May this year.
Perennial Holdings’ senior general manager of investment and asset management for Singapore Yeoh Szu Wooi said the divestment of the property, together with its partner, is part of the group’s 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,” Yeoh added.
Karim family spokesperson Chayadi Karim said: “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.”
In 2019, an entity linked to the Karim family purchased the former Darby Park Executive Suites at Orange Grove Road. Its real estate investment company, Invictus Developments, is now redeveloping the site into The Standard Singapore, a luxury boutique hotel slated to open in 2023.
Bachtiar Karim is the executive chairman of Singapore-headquartered oil conglomerate Musim Mas. In 2021, the Karim family had a net worth of around US$3.5 billion, making it the 10th richest in Indonesia, according to Forbes.
Just in January this year, the Karim Family Foundation raised S$200,000 to support badminton player Loh Kean Yew, the first Singaporean to win the Badminton World Federation World Championships.
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