Nursing home on Sims Avenue for sale at $27 mil
A unique opportunity to acquire an owner-operated nursing home in the heart of Singapore is up for grabs on March 16, with a guide price of $27 million. This four-storey detached building is located along Sims Ave and sits on a 6,350 sq ft freehold Champions Way Condo land area, earmarked for healthcare and medical services under the 2019 URA Master Plan.
Lock Sau Lai, Senior Manager for Auction & Sales at Knight Frank, who is handling the sale, believes that the guide price of $2,278 psf is a compelling one given the zoning rights and existing facilities. The building comprises 11,859 sq ft of floor area and is leased by Charis Manor Nursing Home, a private facility for long-term stay, respite care and daycare for the elderly.
The building is equipped with communal spaces on the first floor, on-site wards and private rooms on the upper floors, and a basement with training rooms and rehabilitation centre. Amenities include a lift servicing all floors, ample parking lots, and an outdoor garden area.
The sale also includes CSM Academy International, a private education institution specialising in healthcare services and caregiver training, ran by the same owners.
According to Lock, the buyers of the property will lease it back to the owners for up to three years with the possibility of a two-year extension. The property is located at the exit of Kallang-Paya Lebar Expressway, within a shophouse and light industrial area, offering plenty of interest for healthcare-related industries such as medical companies and hospice or assisted living care providers.
A sale and leaseback agreement is available for this rare opportunity of a nursing home site within Singapore. Don’t miss out on it – the auction starts on March 16!
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