Nursing home on Sims Avenue for sale at $27 mil
An assisted living facility located along Sims Avenue will likely be set up for marketplace on March 16 with an overview cost of $27 million. It is an owner’s sale, says Lock Sau Lai, top manager, auction & sales at Knight Frank, who is taking care of the public sale and also is the single marketing agency for the real estate.
Aside From Charis Manor, the owners additionally run CSM Academy International, a private education and learning institution being experts in healthcare programs as well as health worker education.
The property at the moment has common areas on the initial floor, including the kitchen and dining place, an adventure room, a local library, a personnel canteen and even a workplace area. Wards together with private rooms lie on the upper floors, while the basement homes training rooms and a rehabilitation centre. The structure features a lift that services all levels along with sufficient private parking area, adds Lock.
The house lies just off the exit of the Kallang-Paya Lebar Expressway. The bordering neighbourhood predominantly consists of shophouses and also light commercial structures found along Sims Avenue including Geylang Road. Lock thinks the property is going to garner interest from customers within healthcare-related markets, including medical companies, hospital or assisted living treatment service providers, or various other nursing home owners. “It’s rather unusual for a site zoned for health and wellness and healthcare to go up for sale,” she remarks.
The real property is a four-storey separated establishment with a basement. It has an overall floor area of approximately 11,859 sq ft. The real property remains on a freehold acreage of 6,350 sq ft which is area for health plus treatment usage under the 2019 URA Master Plan. Property with this zoning is designated for healthcare facilities, polyclinics and even assisted living facility.
Based on the total flooring location, the overview price calculates to be about $2,278 psf. The structure is presently being run by the owners as Charis Manor Nursing Home, a private center that uses extended stay, respite care and also childcare services for the aging seniors. According to Lock, the owners are seeking to sell the commercial property on a sale along with leaseback arrangement. The buyer of the building will lease the estate to the proprietor for three years, with a possible extension for one more two years.