Nursing home on Sims Avenue for sale at $27 mil
A nursing home placed around Sims Avenue will likely be set up for marketplace on March 16 with a guide rate of $27 million. It is a property owner’s sale, states Lock Sau Lai, top supervisor, auction & sales at Knight Frank, who is handling the auction also is the single advertising and marketing firm for the real property.
The property is located just off the exit of the Kallang-Paya Lebar Expressway. The surrounding area predominantly makes up shophouses and light industrial buildings located along Sims Avenue including Geylang Roadway. Lock feels the real estate can gather interest from buyers within healthcare-related industries, like medical companies, hospital or assisted living treatment companies, or other assisted living home owners. “It’s rather unusual for an area zoned for wellness and also medical care to go up for sale,” she says.
The structure currently has communal spaces on the initial flooring, including the cooking area as well as eating area, an activity space, a library, a staff canteen along with a workplace space. Wards including exclusive spaces stand on the top levels, whilst the cellar residences training rooms and a rehab centre. The property features a lift that services all levels along with enough exclusive car park, includes Lock.
The real estate is a four-storey detached building with a cellar. It has an entire floor area of approximately 11,859 sq ft. The real estate sits on a freehold land area of 6,350 sq ft which is area for health plus treatment usage under the 2019 URA Master Plan. Land with this zoning is assigned for hospitals, polyclinics and nursing homes.
Based upon the total flooring area, the overview rate works out to be about $2,278 psf. The building is presently being run by the managers as Charis Manor Nursing Home, a nonpublic establishment that offers long-term remain, respite assistance and daycare services for the elderly. According to Lock, the owners are looking to market the commercial property on a sale and leaseback arrangement. The buyer of the real estate will definitely rent the property to the owner for three years, with a possible extension for one more 2 years.
Besides Charis Manor, the owners also operate CSM Academy International, a private education and learning institution specialising in medical care programs and caregiver training sessions.