Nursing home on Sims Avenue for sale at $27 mil
The real property is a four-storey separated establishment with a basement. It has an overall flooring area of around 11,859 sq ft. The real property rests on a freehold land area of 6,350 sq ft which is area for health along with medical care use under the 2019 URA Master Plan. Property with this zoning is assigned for hospitals, polyclinics including retirement home.
In Addition To Charis Manor, the operators additionally operate CSM Academy International, an exclusive education establishment being experts in healthcare services and health worker education.
The building presently has common rooms on the very first floor, including the cooking area and dining place, an activity area, a library, a team canteen and a workplace location. Wards and exclusive areas stand on the upper grounds, whereas the basement residences educating rooms and a rehabilitation centre. The structure includes a lift that services all floors as well as sufficient personal car park, includes Lock.
The property rises simply off the way out of the Kallang-Paya Lebar Expressway. The bordering community mainly consists of shophouses and light commercial establishments found along Sims Avenue including Geylang Road. Lock feels the real property can garner interest from buyers within healthcare-related markets, like medical companies, hospice or assisted living treatment service providers, or other assisted living home owners. “It’s rather uncommon for an area zoned for health and wellness as well as healthcare to go up for sale,” she says.
Based upon the complete floor location, the guide price works out to be about $2,278 psf. The structure is presently being operated by the proprietors as Charis Manor Nursing Home, an exclusive facility that supplies permanent keep, respite services and also childcare services for the aging seniors. According to Lock, the proprietors are seeking to offer the property on a sale and leaseback contract. The purchaser of the property will rent out the estate to the owner for 3 years, with a possible expansion for another 2 years.
A nursing home situated along Sims Avenue will likely be set up for marketplace on March 16 with a guide price of $27 million. It is an owner’s sale, mentions Lock Sau Lai, top manager, auction & sales at Knight Frank, that is taking care of the public sale and also is the single marketing firm for the real estate.