Nursing home on Sims Avenue for sale at $27 mil
Based upon the complete floor location, the guide rate calculates to be about $2,278 psf. The structure is currently being run by the owners as Charis Manor Nursing Home, a private facility that provides long-term stay, respite care and also childcare professional services for the aged people. According to Lock, the owners are wanting to sell the commercial property on a sale and leaseback agreement. The purchaser of the building will rent out the estate to the proprietor for 3 years, with a possible expansion for an additional 2 years.
An assisted living home placed around Sims Avenue will likely be set up for marketplace on March 16 with an overview price of $27 million. It is a property owner’s sale, says Lock Sau Lai, senior manager, auction & sales at Knight Frank, who is dealing with the public auction and is the sole advertising company for the real property.
The real property is a four-storey detached structure with a cellar. It has an overall floor area of approximately 11,859 sq ft. The real property sits on a freehold acreage of 6,350 sq ft which is zoned for health-related plus medical care use under the 2019 URA Master Plan. Property with this zoning is marked for healthcare facilities, polyclinics including nursing homes.
Aside From Charis Manor, the owners also run CSM Academy International, a private education and learning establishment being experts in medical care services and caregiver education.
The property presently has public areas on the first floor, consisting of the cooking area and also dining place, an adventure room, a local library, a team canteen and even a place of work space. Wards together with private rooms lie on the upper levels, whereas the cellar residences training rooms and a rehabilitation centre. The building includes a lift that services all grounds as well as ample personal parking area, adds Lock.
The house lies just off the exit of the Kallang-Paya Lebar Expressway. The bordering neighbourhood mostly makes up shophouses as well as light commercial structures located along Sims Avenue and also Geylang Roadway. Lock feels the property will garner attraction from buyers within healthcare-related industries, like clinical companies, hospital or assisted living treatment service providers, or various other assisted living home operators. “It’s quite rare for a location zoned for wellness and also healthcare to go up for sale,” she mentions.