Nursing home on Sims Avenue for sale at $27 mil

A nursing home situated around Sims Avenue will most likely be set up for sell-off on March 16 with a guide price of $27 million. It is a property owner’s sale, says Lock Sau Lai, top supervisor, auction & sales at Knight Frank, who is handling the auction and also is the single advertising and marketing company for the property.

Apart from Charis Manor, the owners additionally run CSM Academy International, a private education and learning institution being experts in health care assistances and caregiver education.

Based upon the overall flooring location, the guide price works out to be about $2,278 psf. The building is presently being run by the managers as Charis Manor Nursing Home, a private center that provides permanent stay, respite assistance and day care programs for the aged people. According to Lock, the owners are aiming to offer the property on a sale and even leaseback arrangement. The customer of the property will definitely lease the estate to the proprietor for three years, with a potential extension for an additional 2 years.

The real property is a four-storey detached building with a cellar. It has an overall floor area of about 11,859 sq ft. The property remains on a freehold land area of 6,350 sq ft which is area for health along with healthcare use under the 2019 URA Master Plan. Property with this zoning is assigned for hospitals, polyclinics including retirement home.

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The property rises just off the way out of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood primarily makes up shophouses and light industrial establishments situated along Sims Avenue including Geylang Road. Lock feels the property is going to gather attention from purchasers within healthcare-related industries, such as clinical business, hospice or assisted living treatment companies, or other assisted living home owners. “It’s quite unusual for an area zoned for wellness and also healthcare to go up for sale,” she says.

The building presently has communal spaces on the first flooring, consisting of the cooking area as well as eating area, an activity space, a local library, a staff canteen and a workplace location. Wards together with personal rooms lie on the top grounds, whilst the basement houses educating rooms and a rehabilitation centre. The building comes with a lift that services all levels in addition to sufficient private car park, adds Lock.

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