The four-storey nursing home will be put up for auction on March 16 (Picture: Knight Frank)
Editors update: As of Feb 1, 2024 the property is no longer available for sale and is no longer marketed by Knight Frank Singapore.
SINGAPORE (EDGEPROP) - A nursing home located along Sims Avenue will be put up for auction on March 16 with a guide price of $27 million. It is an owner’s sale, says Lock Sau Lai, senior manager, auction & sales at Knight Frank, who is handling the auction and is the sole marketing agency for the property.
The property is a four-storey detached building with a basement. It has a total floor area of approximately 11,859 sq ft. The property sits on a freehold land area of 6,350 sq ft which is zoned for health and medical care use under the 2019 URA Master Plan. Land with this zoning is designated for hospitals, polyclinics and nursing homes.
Based on the total floor area, the guide price works out to be about $2,278 psf. 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 h024ealthcare services and caregiver training.
The building currently has communal spaces on the first floor, including the kitchen and dining area, an activity room, a library, a staff canteen and an office area. Wards and private rooms are located on the upper floors, while the basement houses training rooms and a rehabilitation centre. The building comes with a lift that services all floors as well as ample private parking lots, adds Lock.
The outdoor garden area (Picture: Knight Frank)
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. Lock believes the property will garner interest from buyers within healthcare-related industries, such as medical companies, hospice or assisted living care providers, or other nursing home operators. “It’s quite rare for a site zoned for health and medical care to go up for sale,” she remarks.
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