Nursing Home

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https://www.edgeprop.sg/content/gk-g...t-nursing-home

The groundbreaking ceremony for Allium Healthcare Holdings’s maiden nursing home project on Venus Drive was held last month. Allium Healthcare is a wholly-owned subsidiary of investment holding company GK Goh Holdings. It was awarded the 30-year leasehold site last December.

Allium paid $24.3 million for the 4,000 sq m site, and intends to build a four-storey, 129-bed facility with a built-up area of 5,600 sq m. The development cost of the project is estimated to be $40 million to $45 million.

The nursing home is designed to be a premium product in terms of services and facilities, says Bernie Poh, CEO of Allium Healthcare. He says there is demand for this kind of facility among the middle- to upper-income group, especially in the neighbourhood of Venus Drive. “This market segment is quite underserved.”

Venus Drive is located just off Upper Thomson Road, an affluent landed housing neighbourhood that includes the Windsor Park Good Class Bungalow area and Soo Chow Garden. Further down Upper Thomson Road, there is the established landed estate of Tagore Avenue and Seletar Hills Estate.

Private condos in the vicinity include the upcoming 288-unit Thomson Impressions; Thomson Three, which comprises 435 apartments and 10 strata semi-detached houses, completed in 2016; and the 361-unit Thomson Grand, completed in 2015.

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$3,500 to $7,000 for single-occupancy rooms.

The development cost of the project is estimated to be $40 million to $45 million.

It was awarded the 30-year leasehold site last December.

intends to build a four-storey, 129-bed facility

GK Goh’s 48% stake in Opal has translated into a profit of $17.5 million in FY2016, a 42% increase from $12.3 million in FY2015.