The House of Tan Yeok Nee (pictured) is being sold for under S$90 million, with Pua Seck Guan’s Perennial Real Estate Holdings tipped as the buyer, media reports said.
Restored in 2000, the gazetted national monument along Penang Road is being sold by ERC Holding’s special purpose vehicle, which is controlled by Andy Ong. In 2012, Ong purchased the property for over S$60 million from German fund manager Union Investment Real Estate AG.
The two-storey freehold building is leased to the University of Chicago Booth School of Business. However, the school reportedly plans to move its executive MBA programme from Singapore to Hong Kong.
Nonetheless, the school will continue to teach the 166 students currently enrolled in Singapore, with the last student graduating in 2015. This coincides with the expiration of the school’s lease, giving the incoming owner time to draw up plans to reposition the property.
With a land area of about 32,000 sq ft and strata area of 58,000 sq ft, the site is zoned commercial under the 2008 Master Plan. Market watchers noted that the property could be redeveloped into an F&B, entertainment or cultural establishment.
Observers expect the new owner to expand the property’s current net lettable area of 23,000 sq ft.