Nursing home on Sims Avenue for sale at $27 mil
The real estate is a four-storey detached building with a cellar. It has an entire floor area of roughly 11,859 sq ft. The property rests on a freehold acreage 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 assigned for medical facilities, polyclinics including retirement home.
Based upon the complete flooring area, the guide cost works out to be about $2,278 psf. The building is currently being run by the owners as Charis Manor Nursing Home, an exclusive center that supplies permanent keep, respite services and also day care programs for the aged people. According to Lock, the property owners are seeking to market the real estate on a sale along with leaseback contract. The purchaser of the building will rent the estate to the proprietor for three years, with a possible expansion for an additional 2 years.
The house is located just off the way out of the Kallang-Paya Lebar Expressway. The surrounding community mostly makes up shophouses and also light industrial establishments situated near Sims Avenue including Geylang Roadway. Lock believes the real estate is going to gather attraction from purchasers within healthcare-related sectors, like clinical firms, hospital or assisted living treatment providers, or other nursing home owners. “It’s rather rare for a location zoned for health as well as medical care to go up for sale,” she mentions.
Besides Charis Manor, the owners also control CSM Academy International, a nonpublic education organization specialising in health care assistances and caregiver training sessions.
A retirement home situated along Sims Avenue will likely be put up for auction on March 16 with a guide cost of $27 million. It is an owner’s sale, states Lock Sau Lai, senior manager, auction & sales at Knight Frank, that is dealing with the public sale and is the single advertising agency for the real property.
The structure at the moment has public spaces on the first level, including the kitchen area and also eating area, an activity room, a library, a staff canteen and a workplace area. Wards together with private rooms are located on the top floors, whereas the cellar residences training rooms and a rehabilitation centre. The structure features a lift that services all floors along with sufficient exclusive parking area, includes Lock.