Nursing home on Sims Avenue for sale at $27 mil
The property presently has public areas on the very first floor, consisting of the kitchen area and also dining area, an activity area, a library, a staff canteen and even a workplace space. Wards together with exclusive areas are located on the top floors, whereas the basement residences educating rooms and a rehab centre. The structure includes a lift that services all levels as well as enough exclusive car park, includes Lock.
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The house is located just off the exit of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood mainly makes up shophouses and light industrial establishments situated near Sims Avenue and Geylang Road. Lock believes the real property is going to gather attention from purchasers within healthcare-related industries, such as clinical firms, hospital or assisted living care providers, or other retirement home operators. “It’s quite uncommon for a site zoned for health and also medical care to go up for sale,” she remarks.
The property is a four-storey detached structure with a cellar. It has an overall floor area of around 11,859 sq ft. The property remains on a freehold land area of 6,350 sq ft which is zoned for health-related and treatment use under the 2019 URA Master Plan. Property with this zoning is marked for healthcare facilities, polyclinics including nursing homes.
Based upon the total floor location, the guide cost works out to be about $2,278 psf. The building is currently being run by the managers as Charis Manor Nursing Home, a private center that provides permanent keep, respite assistance as well as childcare services for the aged people. According to Lock, the property owners are seeking to market the commercial property on a sale and leaseback agreement. The customer of the property will definitely lease the estate to the proprietor for 3 years, with a potential expansion for another 2 years.
Aside From Charis Manor, the operators likewise control CSM Academy International, a private education establishment being experts in medical care programs as well as health worker training.
A nursing home located around Sims Avenue will be put up for marketplace on March 16 with an overview rate of $27 million. It is an owner’s sale, states Lock Sau Lai, top manager, auction & sales at Knight Frank, that is taking care of the auction and also is the single advertising company for the real property.
