Nursing home on Sims Avenue for sale at $27 million

SINGAPORE – Located along Sims Avenue is a nursing home which will be marketed for sales by way of auctionon March 16 with a guide price of twenty-seven million. The sales is by owner, says Lock Sau Lai, senior manager, auction & sales at Knight Frank, who the exclusive marketing agent for this auction deal.

The nursing home seats on a land with estimate six thousand three hundred and fifty square feet and floor area of eleven thousand eight hundred and fifty nine on a four-storey detached building with a basement. The residential plot is zoned for health and medical care use under the 2K19 URA Master Plan.

the guide price works out to be about $2,278 per square feet Based on the gross nett floor area. The building is currently being operated by the owners as Charis Manor Nursing Home, a private facility that offers long-term stay, respite care and daycare services for the elderly. According to Lock, the owners are looking to sell the property on a sale and leaseback agreement. The buyer of the property will lease the property to the owner for three years, with a possible extension for another two years.

Apart from Charis Manor, the owners also operate CSM Academy International, a private education institution specialising in healthcare services and caregiver training.

communal facilities in the building which are located on the first floor includes the kitchen and dining area, an activity room, a library, a staff canteen and an office area. On the upper floors are Wards and private rooms, while training rooms and a rehabilitation centre are located on the basement. All the levels in the building are lift-landing and also provision with enough parking lots for visitors or caregivers of the patients, adds Lock.

The property is located just off the exit of the Kallang-Paya Lebar Expressway. The surrounding neighbourhood predominantly comprises shophouses and light industrial buildings located along Sims Avenue and Geylang Road. the property is likely to gather much intense interest from keen purchasers within healthcare-related players, such as medical companies, hospice or assisted living care providers, or other nursing home operators. “It is not common for a site zoned for health and medical care to go up for sale,” she commented.

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