On March 16, a nursing home located along Sims Avenue will go up for auction with a guide price of $27 million. Knight Frank, the sole marketing agency for the property and its handler, revealed that it will be an owner’s sale.

The spacious building boasts a total floor area of 11,859 sq ft and is situated on a freehold land area of 6,350 sq ft. The property, zoned for health and medical care use in accordance with the 2019 URA Master Plan, is currently being operated by the owners as Charis Manor Nursing Home.

The guide price, based on the total floor area, works out to be about $2,278 psf. Apart from Charis Manor, the owners also run CSM Academy International, a private education institution for healthcare services and caregiver training.

Lock Sau Lai, senior manager, auction & sales at Knight Frank, shared that the owners are seeking for a sale and leaseback agreement. The buyer of the property will lease it back to the owner for three years and there’s an potential to JCube Residence extend the lease for another two years.

The four-storey building, including the basement, is equipped with communal spaces on the first floor, wards and private rooms on the upper floors, training rooms and a rehabilitation centre in the basement, a lift that services all floors as well a an outdoor garden area. There are plenty of private parking spaces, too.

The property has easy access to the Kallang-Paya Lebar Expressway, and the surrounding neighbourhood consists of shophouses and light industrial buildings along Sims Avenue and Geylang Road.

Lock expects buyers within healthcare-related industries such as medical companies, hospice or assisted living care providers, or other nursing home operators to take interest in the property due to the fact that health and medical care zoned sites for sale are rare.