Nursing home on Sims Avenue for sale at $27 mil
A retirement home placed along Sims Avenue will be added up for auction on March 16 with an overview rate of $27 million. It is an owner’s sale, states Lock Sau Lai, senior manager, auction & sales at Knight Frank, who is managing the public sale and also is the sole marketing agency for the property.
The structure presently has communal rooms on the first floor, consisting of the kitchen as well as dining place, an activity room, a library, a team canteen along with an office location. Wards and exclusive rooms are located on the upper floors, while the basement homes educating rooms and a rehabilitation centre. The building features a lift that services all grounds as well as adequate exclusive parking lots, adds Lock.
The real estate is a four-storey separated building with a cellar. It has an overall floor area of about 11,859 sq ft. The real estate sits on a freehold land area of 6,350 sq ft which is zoned for health and treatment usage under the 2019 URA Master Plan. Land with this zoning is assigned for hospitals, polyclinics and even assisted living home.
Apart from Charis Manor, the operators also run CSM Academy International, a private education and learning organization being experts in healthcare assistances and health worker education.
The commercial property rises just off the way out of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood predominantly makes up shophouses and also light industrial structures found along Sims Avenue including Geylang Roadway. Lock thinks the property is going to amass attraction from customers within healthcare-related markets, including medical companies, hospice or assisted living care companies, or other assisted living home operators. “It’s fairly uncommon for an area zoned for wellness as well as medical care to go up for sale,” she says.
Based upon the total flooring location, the overview cost figures out to be around $2,278 psf. The building is currently being run by the managers as Charis Manor Nursing Home, a nonpublic establishment that provides long-term keep, respite services and also day care services for the aging seniors. According to Lock, the proprietors are aiming to sell the property on a sale and even leaseback arrangement. The purchaser of the property will lease the real estate to the owner for three years, with a potential extension for another two years.
