Sata CommHealth’s health and medical-care site in Bedok up for sale at S$63 million
The plan is to redevelop the property into a 12-storey assisted-living facility with an on-site medical centre, says CBRE
[SINGAPORE] Charitable healthcare organisation Sata CommHealth has put on the market a health and medical-care site in Bedok for S$63 million.
The organisation, which provides healthcare and medical services to seniors and the vulnerable, is selling a 60-year leasehold interest in its freehold property at 351 Chai Chee Street. An outline application has been submitted for the site’s redevelopment into a 12-storey assisted-living facility with medical centre at a plot ratio of 2.5, said marketing agent CBRE.
Subject to planning approval, the land rate based on the guide price works out to approximately S$806 per square foot per plot ratio.
CBRE’s head of capital markets Michael Tay said: “Privately owned land that is zoned for health and medical-care use is extremely limited in Singapore. Coupled with rising healthcare costs, Singapore’s ageing population, and the increasing importance of preventive health efforts, 351 Chai Chee Street offers potential developers and private healthcare institutions a rare opportunity to curate a brand-new development within the ever-growing healthcare sector.”
The elevated site is 60,282 square feet in size. It is now occupied by the Sata CommHealth Building, where the first two floors house a medical centre and offices. The remaining floors are occupied by a nursing home run by Econ Healthcare.
Potential allowable uses under the site’s current zoning include hospital, medical or dental clinics, nursing homes, veterinary clinics and clinical research facility, subject to the approval of the relevant authorities, added CBRE.
“Bedok is poised for further growth with the development of the upcoming Bayshore estate, which will introduce another 10,000 new homes to this already well-established community in the coming years.
“Within a 15-minute drive of the property is the existing 800-hectare Paya Lebar Air Base, which will move out in the 2030s to make way for the development of a massive new town that can accommodate around 150,000 new homes.”
The expression-of-interest exercise closes on May 21.
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