Nursing home on Sims Avenue for sale at $27 mil
The property rises just off the exit of the Kallang-Paya Lebar Expressway. The surrounding area mostly consists of shophouses as well as light industrial buildings located near Sims Avenue including Geylang Road. Lock feels the real estate can gather attention from customers within healthcare-related markets, like clinical business, hospice or assisted living treatment providers, or various other retirement home owners. “It’s quite unusual for a site zoned for health and 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 real property rests on a freehold acreage of 6,350 sq ft which is area for health and healthcare usage under the 2019 URA Master Plan. Property with this zoning is assigned for health centers, polyclinics and even assisted living facility.
The property presently has communal rooms on the very first flooring, including the kitchen and also dining spot, an adventure room, a local library, a personnel canteen and even a workplace area. Wards and personal spaces lie on the top levels, while the basement residences educating rooms and a rehab centre. The building includes a lift that services all floors along with adequate private car park, adds Lock.
A retirement home located around Sims Avenue will most likely be set up for marketplace on March 16 with an overview cost of $27 million. It is a property owner’s sale, says Lock Sau Lai, top manager, auction & sales at Knight Frank, who is handling the public sale and also is the single marketing agency for the real property.
Aside From Charis Manor, the proprietors additionally operate CSM Academy International, an exclusive education and learning organization being experts in healthcare assistances and also health worker education.
Based on the overall flooring location, the guide cost figures out to be around $2,278 psf. The building is currently being operated by the proprietors as Charis Manor Nursing Home, an exclusive center that offers long-term keep, respite care as well as day care programs for the elderly. According to Lock, the owners are seeking to market the real estate on a sale and leaseback contract. The customer of the real estate will definitely rent out the property to the proprietor for 3 years, with a possible expansion for one more 2 years.
