Nursing home on Sims Avenue for sale at $27 mil
Apart from Charis Manor, the owners also run CSM Academy International, a nonpublic education institution specialising in health care programs and health worker training.
An assisted living facility located around Sims Avenue will be added up for sell-off on March 16 with an overview price of $27 million. It is a property owner’s sale, mentions Lock Sau Lai, top manager, auction & sales at Knight Frank, that is handling the public sale and also is the single marketing company for the real property.
The real property is a four-storey detached structure with a cellar. It has an entire floor area of approximately 11,859 sq ft. The property rests on a freehold land area of 6,350 sq ft which is area for health plus treatment use under the 2019 URA Master Plan. Property with this zoning is marked for medical facilities, polyclinics and even nursing homes.
The building presently has communal areas on the first level, including the cooking area and eating area, an activity space, a library, a team canteen and a place of work location. Wards together with personal spaces lie on the upper grounds, whereas the basement homes training rooms and a rehab centre. The building features a lift that services all floors along with adequate exclusive car park, includes Lock.
Based on the total floor area, the guide price calculates to be about $2,278 psf. The building is presently being run by the managers as Charis Manor Nursing Home, an exclusive center that supplies long-term stay, respite services and also day care programs for the elderly. According to Lock, the owners are wanting to offer the real estate on a sale and leaseback agreement. The buyer of the real estate will lease the property to the owner for 3 years, with a potential expansion for an additional two years.
The property rises just off the exit of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood mainly makes up shophouses as well as light industrial structures found near Sims Avenue including Geylang Road. Lock thinks the real estate will garner attention from purchasers within healthcare-related markets, like clinical companies, hospital or assisted living care companies, or other assisted living home owners. “It’s fairly uncommon for an area zoned for health and wellness and also medical care to go up for sale,” she says.
