Nursing home on Sims Avenue for sale at $27 mil
The building at the moment has public rooms on the very first level, including the kitchen area and eating area, an activity room, a local library, a staff canteen and a workplace space. Wards including private spaces lie on the upper levels, while the cellar houses educating rooms and a rehabilitation centre. The structure includes a lift that services all levels along with enough personal parking lots, includes Lock.
The property is a four-storey separated structure with a basement. It has a total floor area of around 11,859 sq ft. The real property sits on a freehold acreage of 6,350 sq ft which is zoned for health plus healthcare use under the 2019 URA Master Plan. Property with this zoning is assigned for health centers, polyclinics and even assisted living home.
An assisted living facility placed along Sims Avenue will be added up for auction on March 16 with an overview rate of $27 million. It is a property owner’s sale, mentions Lock Sau Lai, top supervisor, auction & sales at Knight Frank, who is handling the public sale also is the single advertising agency for the real property.
The property lies just off the exit of the Kallang-Paya Lebar Expressway. The surrounding community primarily makes up shophouses and also light commercial establishments found near Sims Avenue including Geylang Roadway. Lock believes the real property is going to amass attraction from buyers within healthcare-related sectors, like clinical firms, hospice or assisted living treatment service providers, or other assisted living facility operators. “It’s quite uncommon for an area zoned for wellness as well as primary care to go up for sale,” she remarks.
Based upon the overall flooring location, the guide cost figures out to be around $2,278 psf. The structure is presently being run by the proprietors as Charis Manor Nursing Home, a nonpublic establishment that offers permanent remain, respite care and daycare services for the aged people. According to Lock, the property owners are aiming to market the property on a sale along with leaseback agreement. The purchaser of the real estate are going to rent out the estate to the owner for three years, with a possible expansion for an additional two years.
Apart from Charis Manor, the proprietors additionally operate CSM Academy International, a private education organization specialising in health care programs and also caregiver training.