Nursing home on Sims Avenue for sale at $27 mil
The real property is a four-storey separated building with a basement. It has an entire flooring area of around 11,859 sq ft. The real estate rests on a freehold land area of 6,350 sq ft which is zoned for health-related along with healthcare usage under the 2019 URA Master Plan. Land with this zoning is assigned for hospitals, polyclinics and even assisted living home.
A retirement home placed around Sims Avenue will be put up for sell-off on March 16 with an overview rate of $27 million. It is a property owner’s sale, says Lock Sau Lai, top manager, auction & sales at Knight Frank, who is handling the auction also is the sole advertising and marketing agency for the real estate.
Based on the total floor area, the overview cost calculates to be about $2,278 psf. The structure is currently being operated by the proprietors as Charis Manor Nursing Home, a nonpublic center that provides long-term stay, respite assistance as well as daycare services for the aged people. According to Lock, the proprietors are seeking to sell the commercial property on a sale along with leaseback arrangement. The purchaser of the building will definitely rent out the property to the proprietor for 3 years, with a potential expansion for an additional 2 years.
Apart from Charis Manor, the operators likewise control CSM Academy International, an exclusive education and learning establishment specialising in healthcare assistances and caregiver education.
The structure at the moment has common rooms on the initial flooring, including the cooking area and eating area, an adventure space, a local library, a staff canteen and even a workplace area. Wards including private spaces stand on the upper levels, while the cellar homes training rooms and a rehab centre. The building comes with a lift that services all floors in addition to ample personal car park, adds Lock.
The commercial property rises just off the way out of the Kallang-Paya Lebar Expressway. The surrounding community mostly makes up shophouses and light commercial establishments found along Sims Avenue and also Geylang Road. Lock thinks the real estate can amass attention from customers within healthcare-related industries, including clinical firms, hospital or assisted living treatment providers, or other assisted living home owners. “It’s rather uncommon for a location zoned for health and wellness as well as medical care to go up for sale,” she remarks.