Nursing home on Sims Avenue for sale at $27 mil

The real estate is a four-storey detached establishment with a cellar. It has a total floor area of around 11,859 sq ft. The real property rests on a freehold acreage of 6,350 sq ft which is zoned for health-related plus healthcare usage under the 2019 URA Master Plan. Land with this zoning is marked for hospitals, polyclinics and even assisted living facility.

Based upon the total flooring area, the overview cost figures out to be about $2,278 psf. The structure is presently being run by the managers as Charis Manor Nursing Home, a private facility that uses permanent stay, respite services and childcare programs for the aged people. According to Lock, the proprietors are seeking to sell the property on a sale and leaseback arrangement. The customer of the real estate will rent out the real estate to the owner for three years, with a potential extension for one more 2 years.

The structure presently has communal rooms on the very first level, consisting of the kitchen and also eating spot, an adventure area, a local library, a team canteen and an office location. Wards together with private areas stand on the upper floors, while the cellar homes educating rooms and a rehab centre. The structure comes with a lift that services all floors along with adequate exclusive parking area, adds Lock.

One Bernam MCC Land & HY Realty

The house rises just off the exit of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood mostly consists of shophouses as well as light industrial establishments located near Sims Avenue and also Geylang Roadway. Lock believes the real property will gather interest from buyers within healthcare-related markets, like clinical firms, hospital or assisted living treatment service providers, or various other nursing home owners. “It’s quite rare for a location zoned for wellness as well as primary care to go up for sale,” she mentions.

A nursing home placed along 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, mentions Lock Sau Lai, senior manager, auction & sales at Knight Frank, that is managing the auction and is the sole advertising and marketing agency for the real estate.

Besides Charis Manor, the operators also run CSM Academy International, a nonpublic education organization specialising in health care services as well as caregiver training.

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