Nursing home on Sims Avenue for sale at $27 mil

A retirement home placed along Sims Avenue will likely be added up for sell-off on March 16 with a guide rate of $27 million. It is a property owner’s sale, states Lock Sau Lai, top supervisor, auction & sales at Knight Frank, who is managing the public auction also is the sole marketing firm for the real estate.

Apart from Charis Manor, the operators also run CSM Academy International, a nonpublic education and learning institution specialising in medical care programs as well as health worker training sessions.

The real estate is a four-storey separated establishment with a cellar. It has a total floor area of around 11,859 sq ft. The real property remains on a freehold land area of 6,350 sq ft which is zoned for health-related and treatment use under the 2019 URA Master Plan. Property with this zoning is assigned for hospitals, polyclinics and retirement home.

The house lies just off the exit of the Kallang-Paya Lebar Expressway. The surrounding area primarily consists of shophouses as well as light commercial structures situated along Sims Avenue and Geylang Roadway. Lock feels the property will garner attraction from buyers within healthcare-related industries, including clinical firms, hospice or assisted living care companies, or various other nursing home operators. “It’s fairly uncommon for an area zoned for wellness and also primary care to go up for sale,” she mentions.

Based upon the overall floor location, the guide cost calculates to be about $2,278 psf. The structure is currently being operated by the owners as Charis Manor Nursing Home, an exclusive establishment that offers long-term remain, respite services and daycare programs for the aging seniors. According to Lock, the owners are aiming to offer the property on a sale and leaseback arrangement. The purchaser of the real estate will rent the real estate to the proprietor for three years, with a potential extension for another 2 years.

The Arden condominium

The building at the moment has common areas on the first flooring, consisting of the kitchen as well as eating place, an adventure room, a local library, a staff canteen and an office space. Wards and personal areas are located on the upper levels, whilst the basement houses training rooms and a rehabilitation centre. The structure features a lift that services all floors as well as ample exclusive parking lots, includes Lock.

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