Nursing home on Sims Avenue for sale at $27 mil
The property presently has public rooms on the very first flooring, consisting of the kitchen area as well as dining place, an activity room, a library, a personnel canteen along with a workplace location. Wards including private rooms stand on the upper grounds, whereas the cellar houses training rooms and a rehab centre. The property includes a lift that services all grounds in addition to adequate private car park, includes Lock.
The property is located simply off the exit of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood predominantly makes up shophouses as well as light industrial structures found near Sims Avenue and Geylang Road. Lock believes the real property can amass interest from purchasers within healthcare-related industries, including medical firms, hospital or assisted living treatment providers, or various other nursing home owners. “It’s rather uncommon for an area zoned for wellness and medical care to go up for sale,” she remarks.
Based on the total flooring location, the overview rate calculates to be about $2,278 psf. The building is currently being operated by the proprietors as Charis Manor Nursing Home, an exclusive facility that supplies extended remain, respite care and also daycare professional services for the aging seniors. According to Lock, the proprietors are aiming to market the commercial property on a sale and leaseback arrangement. The purchaser of the property will definitely rent the estate to the owner for 3 years, with a possible extension for an additional 2 years.
An assisted living home located around Sims Avenue will be put up for sell-off on March 16 with an overview rate of $27 million. It is a property owner’s sale, states Lock Sau Lai, senior supervisor, auction & sales at Knight Frank, who is dealing with the auction and also is the sole marketing company for the property.
In Addition To Charis Manor, the owners likewise control CSM Academy International, an exclusive education and learning organization being experts in medical care services and also health worker training.
The real estate is a four-storey detached establishment with a cellar. It has an entire floor area of approximately 11,859 sq ft. The real estate sits on a freehold acreage of 6,350 sq ft which is area for health-related and medical care use under the 2019 URA Master Plan. Property with this zoning is assigned for health centers, polyclinics and assisted living home.
