Nursing home on Sims Avenue for sale at $27 mil
The commercial property rises just off the way out of the Kallang-Paya Lebar Expressway. The surrounding area mainly comprises shophouses as well as light industrial structures found along Sims Avenue including Geylang Roadway. Lock feels the property will amass attention from purchasers within healthcare-related markets, such as clinical business, hospital or assisted living treatment providers, or various other assisted living home owners. “It’s rather uncommon for an area zoned for health and wellness as well as medical care to go up for sale,” she says.
The building presently has common areas on the initial floor, consisting of the kitchen area as well as dining area, an adventure area, a library, a staff canteen along with a place of work location. Wards and private rooms stand on the top grounds, whilst the cellar houses training rooms and a rehab centre. The property includes a lift that services all levels along with ample personal parking area, includes Lock.
Based on the total flooring location, the guide price works out to be around $2,278 psf. The structure is presently being run by the proprietors as Charis Manor Nursing Home, an exclusive facility that offers extended keep, respite care and day care programs for the aged people. According to Lock, the owners are wanting to market the commercial property on a sale along with leaseback arrangement. The customer of the real estate will definitely lease the estate to the owner for 3 years, with a potential expansion for one more two years.
In Addition To Charis Manor, the proprietors also run CSM Academy International, a nonpublic education establishment being experts in health care services and health worker training.
A retirement home placed around Sims Avenue will be added up for auction on March 16 with an overview rate of $27 million. It is an owner’s sale, says Lock Sau Lai, top manager, auction & sales at Knight Frank, that is taking care of the auction and is the sole marketing agency for the real property.
The real property is a four-storey detached building with a basement. It has a total flooring area of around 11,859 sq ft. The real estate rests on a freehold land area of 6,350 sq ft which is zoned for health-related plus medical care use under the 2019 URA Master Plan. Land with this zoning is designated for medical facilities, polyclinics and assisted living home.