Nursing home on Sims Avenue for sale at $27 mil
The property currently has communal rooms on the initial level, including the kitchen and eating place, an activity space, a local library, a staff canteen and even an office location. Wards including personal rooms stand on the top floors, whereas the basement residences educating rooms and a rehabilitation centre. The structure features a lift that services all levels as well as enough private parking area, adds Lock.
The real property is a four-storey separated building with a basement. It has a total floor area of roughly 11,859 sq ft. The real property rests on a freehold acreage of 6,350 sq ft which is area for health along with medical care usage under the 2019 URA Master Plan. Property with this zoning is assigned for hospitals, polyclinics including assisted living home.
Based upon the overall flooring location, the guide rate calculates to be around $2,278 psf. The structure is presently being run by the owners as Charis Manor Nursing Home, an exclusive center that uses long-term stay, respite care and also day care services for the aged people. According to Lock, the proprietors are wanting to offer the property on a sale and even leaseback agreement. The purchaser of the property are going to rent out the real estate to the proprietor for three years, with a possible extension for one more two years.
The commercial property lies simply off the way out of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood predominantly makes up shophouses as well as light industrial establishments found around Sims Avenue and Geylang Roadway. Lock feels the real property will garner attraction from purchasers within healthcare-related industries, like medical business, hospital or assisted living care companies, or other retirement home owners. “It’s fairly rare for a site zoned for wellness as well as primary care to go up for sale,” she remarks.
An assisted living facility placed around Sims Avenue will most likely be put up for auction on March 16 with an overview price of $27 million. It is an owner’s sale, says Lock Sau Lai, top manager, auction & sales at Knight Frank, who is managing the auction also is the single advertising and marketing agency for the property.
Apart from Charis Manor, the proprietors likewise operate CSM Academy International, a nonpublic education and learning organization specialising in health care services as well as health worker training sessions.