SINGAPORE, Jan. 29 -- The government will acquire 38 Oxley Road, the former home of Singapore's founding Prime Minister Lee Kuan Yew, following its gazetting as a national monument, overriding the late leader's repeated wishes for the house to be demolished, CNA reported.

The Singapore Land Authority (SLA) and National Heritage Board (NHB) said the acquisition aims to preserve the property's historic significance and prevent it from being redeveloped for private or commercial use.

Compensation will be based on its market value at the time of gazette.

Authorities will assess the buildings' condition and consider all options, including those outlined in the 2018 Ministerial Committee report, before deciding on next steps.

SLA and NHB al...