Thursday, May 31, 2012

House of Tan Yeok Nee changing hands


Business Times: Thu, May 31
[SINGAPORE] The historic House of Tan Yeok Nee, a gazetted national monument, is in the process of being sold, BT understands.

An option is said to have been issued this week for the sale of the two-storey freehold property at the corner of Penang Road and Clemenceau Avenue at slightly over $60 million.

The property, which has a strata area of about 58,000 square feet, is leased to The University of Chicago Booth School of Business. German fund manager Union Investment Real Estate AG is said to be selling the asset to private commercial-school operator ERC Holdings.

Chicago Booth - which has occupied The House of Tan Yeok Nee since it was restored in 2000 - is likely to continue leasing the space for a few years.

Savills is understood to have brokered the property's sale by private treaty...
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