Nursing home on Sims Avenue for sale at $27 mil
A nursing home placed along Sims Avenue will most likely be put up for sell-off on March 16 with an overview cost of $27 million. It is an owner’s sale, states Lock Sau Lai, senior supervisor, auction & sales at Knight Frank, who is dealing with the public sale and is the sole marketing agency for the real estate.
The real property is a four-storey detached structure with a cellar. It has an overall flooring area of around 11,859 sq ft. The real property remains on a freehold land area of 6,350 sq ft which is zoned for health-related plus treatment use under the 2019 URA Master Plan. Property with this zoning is designated for medical facilities, polyclinics and even retirement home.
Based on the complete flooring area, the guide rate figures out to be around $2,278 psf. The structure is currently being operated by the owners as Charis Manor Nursing Home, an exclusive center that provides extended stay, respite care and also childcare services for the elderly. According to Lock, the property owners are wanting to market the real estate on a sale along with leaseback contract. The purchaser of the real estate will rent out the property to the owner for 3 years, with a possible expansion for an additional two years.
Aside From Charis Manor, the proprietors also operate CSM Academy International, a private education and learning establishment being experts in health care programs and caregiver training sessions.
The commercial property lies just off the exit of the Kallang-Paya Lebar Expressway. The bordering neighbourhood mostly makes up shophouses as well as light industrial structures situated along Sims Avenue and Geylang Road. Lock feels the real property is going to amass interest from customers within healthcare-related sectors, like medical companies, hospital or assisted living treatment service providers, or other retirement home owners. “It’s rather unusual for a location zoned for health and wellness and also healthcare to go up for sale,” she mentions.
The building presently has communal spaces on the very first flooring, including the kitchen area as well as eating spot, an adventure room, a library, a staff canteen along with a workplace location. Wards together with private spaces stand on the upper grounds, whilst the cellar homes training rooms and a rehab centre. The property features a lift that services all levels along with adequate private parking lots, adds Lock.