Nursing home on Sims Avenue for sale at $27 mil
The structure at the moment has public rooms on the initial level, consisting of the kitchen area and also eating place, an activity space, a library, a team canteen along with a place of work area. Wards and exclusive spaces lie on the upper floors, whereas the basement residences educating rooms and a rehab centre. The building includes a lift that services all floors in addition to enough private parking area, adds Lock.
A retirement home situated around Sims Avenue will likely be set up for auction on March 16 with a guide cost of $27 million. It is an owner’s sale, says Lock Sau Lai, top supervisor, auction & sales at Knight Frank, who is taking care of the auction and also is the single advertising company for the property.
The property lies simply off the way out of the Kallang-Paya Lebar Expressway. The surrounding area mostly comprises shophouses and also light industrial buildings found near Sims Avenue and Geylang Road. Lock feels the property will amass attention from buyers within healthcare-related sectors, including medical business, hospice or assisted living treatment providers, or various other retirement home operators. “It’s fairly uncommon for a site zoned for wellness and primary care to go up for sale,” she mentions.
Based on the overall floor location, the overview cost calculates to be around $2,278 psf. The building is presently being operated by the owners as Charis Manor Nursing Home, an exclusive center that supplies permanent stay, respite care and also daycare programs for the aging seniors. According to Lock, the owners are seeking to offer the commercial property on a sale and leaseback contract. The purchaser of the building will definitely rent out the estate to the owner for three years, with a possible extension for one more two years.
The real estate is a four-storey separated building with a basement. It has an overall floor area of roughly 11,859 sq ft. The real property remains on a freehold acreage of 6,350 sq ft which is zoned for health along with treatment usage under the 2019 URA Master Plan. Land with this zoning is assigned for hospitals, polyclinics including retirement home.
Apart from Charis Manor, the operators also run CSM Academy International, a private education organization specialising in healthcare services as well as caregiver training sessions.