Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The deal was brokered by Yap Hui Yee, managing director of investment sales and funding markets at Savills Singapore. The 6,867 sq ft strata office floor was marketed to Parkway Hospitals Singapore, a registered member of Bursa Malaysia-listed exclusive healthcare service provider IHH Healthcare.
Savills claimed in a news release that Parkway Hospital’s acquisition of the estate workplace story coordinates with its growth strategies. The Tong Property is a short stroll from Mount Elizabeth Medical Facility, that is managed by IHH Healthcare.
“Parkway’s purchase is stood to take advantage of the ongoing growth and demand in the health-related market, enhancing Orchard Street’s part as a core member in Singapore’s healthcare scene,” states Yap.
According to Savills, the deal solidifies Orchard Road’s setting as a hub for health care services, with the consultancy defining the shopping region as Singapore’s most extensive clinical hub. It includes that Parkway Hospital’s development in the area mirrors a developing trend of medical establishments growing into vital commercial locations, maintained by rising need for medical services.
The medical center provider even obtained an uncommon medical change of usage approval for the level, where it intends to give health care assistances. Savills’ Yap notes that areas designated for clinical purpose remain rare in Singapore. “There are fewer than 2,000 medical suites in Singapore, with around 50% found within hospital-supported premises,” she includes. This remains around 1,000 medical units available on the free market.
Recently, EdgeProp Singapore disclosed that the full sixth floor of Tong Building on Orchard Road was sold for $31.33 million, or a record $4,562 psf, based upon a Sept 3 sign.
