Nursing home on Sims Avenue for sale at $27 mil
The property is a four-storey detached establishment with a basement. It has an overall flooring area of about 11,859 sq ft. The real property remains on a freehold acreage of 6,350 sq ft which is zoned for health and treatment use under the 2019 URA Master Plan. Property with this zoning is marked for hospitals, polyclinics and even nursing homes.
The building currently has communal rooms on the very first flooring, including the kitchen area as well as eating area, an adventure area, a library, a team canteen along with an office space. Wards including exclusive spaces are located on the top grounds, while the basement houses educating rooms and a rehab centre. The structure comes with a lift that services all floors as well as adequate exclusive parking area, includes Lock.
Based on the overall floor area, the guide price works out to be around $2,278 psf. The building is presently being operated by the proprietors as Charis Manor Nursing Home, a private establishment that provides extended stay, respite services and also day care services for the aging seniors. According to Lock, the owners are looking to offer the commercial property on a sale and even leaseback agreement. The customer of the building will rent the estate to the proprietor for three years, with a potential expansion for an additional 2 years.
An assisted living facility located around Sims Avenue will most likely be added up for auction on March 16 with a guide price of $27 million. It is an owner’s sale, says Lock Sau Lai, top supervisor, auction & sales at Knight Frank, who is managing the public auction and also is the single marketing firm for the property.
Aside From Charis Manor, the operators additionally operate CSM Academy International, an exclusive education and learning organization specialising in health care services as well as caregiver training sessions.
The property rises simply off the exit of the Kallang-Paya Lebar Expressway. The bordering area primarily comprises shophouses and also light commercial establishments situated along Sims Avenue including Geylang Roadway. Lock thinks the real estate can gather interest from purchasers within healthcare-related sectors, such as clinical companies, hospice or assisted living care service providers, or various other assisted living home owners. “It’s quite uncommon for an area zoned for health and also primary care to go up for sale,” she remarks.