Nursing home on Sims Avenue for sale at $27 mil
The building currently has communal spaces on the very first flooring, including the kitchen area as well as dining area, an adventure room, a local library, a team canteen and a workplace space. Wards including exclusive rooms lie on the upper levels, while the basement residences training rooms and a rehabilitation centre. The property includes a lift that services all floors in addition to adequate personal parking area, includes Lock.
A nursing home placed around Sims Avenue will be set up for sell-off on March 16 with a guide cost of $27 million. It is an owner’s sale, states Lock Sau Lai, top manager, auction & sales at Knight Frank, that is taking care of the auction also is the single marketing agency for the property.
Aside From Charis Manor, the proprietors additionally operate CSM Academy International, a nonpublic education establishment being experts in medical care assistances as well as caregiver training sessions.
Based on the total floor area, the overview price figures out to be about $2,278 psf. The building is presently being operated by the proprietors as Charis Manor Nursing Home, an exclusive center that uses permanent stay, respite care and childcare services for the aged people. According to Lock, the proprietors are aiming to offer the property on a sale and even leaseback arrangement. The buyer of the real estate will lease the property to the proprietor for 3 years, with a possible expansion for one more 2 years.
The property is a four-storey detached building with a basement. It has an overall floor area of around 11,859 sq ft. The real property rests on a freehold land area of 6,350 sq ft which is area for health and treatment use under the 2019 URA Master Plan. Property with this zoning is marked for medical facilities, polyclinics including assisted living home.
The house lies just off the way out of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood mostly consists of shophouses as well as light industrial establishments situated along Sims Avenue and Geylang Roadway. Lock feels the real estate is going to amass attraction from purchasers within healthcare-related sectors, like medical companies, hospice or assisted living treatment service providers, or various other assisted living facility operators. “It’s quite unusual for an area zoned for health as well as healthcare to go up for sale,” she says.