Nursing home on Sims Avenue for sale at $27 mil
A nursing home placed along Sims Avenue will likely be added up for auction on March 16 with a guide cost of $27 million. It is a property owner’s sale, mentions Lock Sau Lai, senior supervisor, auction & sales at Knight Frank, who is handling the public auction and is the single advertising agency for the property.
The real estate is a four-storey separated building with a basement. It has an overall flooring area of roughly 11,859 sq ft. The real property 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. Property with this zoning is assigned for hospitals, polyclinics and even assisted living facility.
Aside From Charis Manor, the operators also control CSM Academy International, a nonpublic education establishment being experts in healthcare programs as well as caregiver education.
The building presently has public spaces on the initial level, including the kitchen area and also eating place, an activity area, a local library, a team canteen along with an office location. Wards together with exclusive rooms are located on the upper floors, while the cellar residences educating rooms and a rehab centre. The building includes a lift that services all grounds as well as sufficient personal parking lots, adds Lock.
Based on the complete floor area, the overview price figures out to be around $2,278 psf. The building is currently being run by the managers as Charis Manor Nursing Home, an exclusive facility that uses permanent stay, respite care as well as day care services for the elderly. According to Lock, the property owners are looking to market the commercial property on a sale and even leaseback agreement. The purchaser of the building are going to rent out the estate to the proprietor for 3 years, with a potential expansion for an additional 2 years.
The property rises simply off the exit of the Kallang-Paya Lebar Expressway. The surrounding area predominantly comprises shophouses and light industrial buildings found near Sims Avenue and also Geylang Roadway. Lock believes the real estate will amass attention from purchasers within healthcare-related industries, like clinical firms, hospital or assisted living treatment service providers, or other assisted living home owners. “It’s fairly uncommon for a location zoned for health and wellness and medical care to go up for sale,” she mentions.
