Nursing home on Sims Avenue for sale at $27 mil
The commercial property rises just off the exit of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood predominantly comprises shophouses as well as light industrial structures located near Sims Avenue including Geylang Roadway. Lock believes the real property can garner attraction from buyers within healthcare-related markets, like clinical business, hospital or assisted living care service providers, or other assisted living facility owners. “It’s quite rare for a site zoned for health and wellness as well as medical care to go up for sale,” she says.
In Addition To Charis Manor, the proprietors additionally operate CSM Academy International, a private education and learning organization specialising in healthcare assistances and also health worker training sessions.
A nursing home located around Sims Avenue will most likely be put up for auction on March 16 with an overview price of $27 million. It is an owner’s sale, states Lock Sau Lai, top manager, auction & sales at Knight Frank, who is handling the public sale and also is the sole advertising and marketing agency for the real property.
The real property is a four-storey separated building with a basement. It has an overall flooring area of about 11,859 sq ft. The property rests on a freehold acreage of 6,350 sq ft which is zoned for health-related and healthcare use under the 2019 URA Master Plan. Property with this zoning is designated for medical facilities, polyclinics and retirement home.
The building at the moment has communal rooms on the first level, including the kitchen area and dining area, an activity space, a library, a team canteen and even an office space. Wards together with private areas are located on the top levels, while the cellar residences educating rooms and a rehabilitation centre. The structure includes a lift that services all grounds along with ample exclusive parking area, includes Lock.
Based upon the total flooring location, the guide price works out to be around $2,278 psf. The structure is presently being run by the managers as Charis Manor Nursing Home, a nonpublic facility that uses extended remain, respite care as well as daycare professional services for the aging seniors. According to Lock, the proprietors are aiming to market the commercial property on a sale and even leaseback agreement. The customer of the property are going to lease the real estate to the owner for 3 years, with a possible expansion for an additional two years.