Nursing home on Sims Avenue for sale at $27 mil
A property The Myst located along Sims Avenue, zoned for health and medical care use according to the 2019 URA Master Plan, will be up for auction on March 16. The owner is looking to sell the property on a sale and leaseback agreement and the guide price is $27 million with a total floor area of 11,859 sq ft. This works out to be about $2,278 psf.
The building, currently being operated as Charis Manor Nursing Home, a private facility offering long-term stay, respite care and daycare services for the elderly, is a four-storey detached building with a basement. The basement houses training rooms and a rehabilitation centre, while the upper floors are home to a variety of wards and private rooms. All floors are serviced by a lift, and the property comes with ample private parking.
The surrounding neighbourhood predominantly comprises shophouses and light industrial buildings located along Sims Avenue and Geylang Road. It is expected to draw interest from buyers within healthcare-related industries, such as medical companies, hospice or assisted living care providers, or other nursing home operators.
Lock Sau Lai, senior manager, auction & sales at Knight Frank, who is handling the auction and is the sole marketing agency for the property, commented, “It’s quite rare for a site zoned for health and medical care to go up for sale”.
The property also features a variety of communal spaces on the first floor, including a kitchen and dining area, an activity room, a library, a staff canteen and an office area, as well as an outdoor garden area.
Given the unique nature of the property and the potential for buy and leaseback, Lock Sau Lai believes the property will draw considerable interest from those in the health and medical care sector. With a plausible extension of two years after an initial lease of three years and its desirable location, Charis Manor Nursing Home is an opportunity that’s not to be missed.