Nursing home on Sims Avenue for sale at $27 mil
The building presently has common areas on the first flooring, including the kitchen area as well as eating area, an adventure area, a local library, a personnel canteen and even a workplace area. Wards and private rooms stand on the top levels, while the basement residences training rooms and a rehabilitation centre. The building features a lift that services all floors as well as ample personal parking lots, includes Lock.
Based on the complete flooring area, the overview price calculates to be around $2,278 psf. The building is currently being operated by the proprietors as Charis Manor Nursing Home, an exclusive facility that uses extended stay, respite care and also day care services for the aging seniors. According to Lock, the property owners are wanting to sell the real estate on a sale along with leaseback contract. The customer of the building will lease the real estate to the proprietor for 3 years, with a possible extension for another two years.
An assisted living home situated around Sims Avenue will most likely be added up for marketplace on March 16 with an overview rate of $27 million. It is an owner’s sale, mentions Lock Sau Lai, senior supervisor, auction & sales at Knight Frank, that is dealing with the public auction and also is the sole advertising company for the real estate.
The real estate is a four-storey detached structure with a basement. It has a total floor area of around 11,859 sq ft. The real estate sits on a freehold acreage of 6,350 sq ft which is area for health-related plus medical care use under the 2019 URA Master Plan. Land with this zoning is assigned for hospitals, polyclinics and retirement home.
The commercial property is located just off the way out of the Kallang-Paya Lebar Expressway. The surrounding area mainly consists of shophouses and also light industrial structures situated around Sims Avenue including Geylang Road. Lock thinks the real estate can garner interest from buyers within healthcare-related markets, including clinical business, hospital or assisted living treatment providers, or various other assisted living facility owners. “It’s quite uncommon for a location zoned for health and primary care to go up for sale,” she remarks.
Apart from Charis Manor, the operators likewise run CSM Academy International, a private education establishment being experts in health care services and caregiver education.