Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
The entire sixth level of Tong Property on Orchard Road was retailed for $31.33 million, based upon a warning on September 3. The whole strata office ground takes up a section of 6,867 sq ft. The acquisition rate shows a unit price of $4,562 psf, which is the highest psf price for an office space in the top areas to date. Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, agented the deal.
North Gaia Sing Holdings Limited
Yap expects the strata office market to continue its higher trajectory. “With companies increasingly seeking versatile office services and modifying to hybrid work systems, strata workplaces are becoming a lot more attractive than ever,” she says. “The strength of the sector and its capacity to satisfy growing requirement suggest an appealing overview for the future.”
According to a real property title quest, Parkway Hospitals Singapore was the buyer of the office floor at Tong Building. Parkway Hospitals Singapore belongs to Bursa Malaysia-listed private healthcare service provider IHH Healthcare. The medical company is an occurring tenant in the establishment, taking up fifty percent of the sixth level. The other half of the ground is taken up by two other health care firms.
Tong Establishment is a 19-storey, freehold strata-titled office building at the corner of prime Orchard Road and Mount Elizabeth. It was built in 1978 by TG Development. Next door is Paragon mall, and Mount Elizabeth Hospital and Medical Centre are causing it.
The $4,562 psf for the 6th floor of Tong Building is “a record-breaking rate in psf terms, setting a new benchmark in Singapore’s strata workplace market,” states Savills’ Yap. She takes into account the offer “a landmark transactions in Singapore’s property record”.
It works for Parkway Hospitals to buy the whole sixth level of Tong Property, provided its distance to Mount Elizabeth Medical Facility and Medical Centre, that is simply a short step up the road.
According to Yap, there was significant attention from a diverse pool of prospective buyers, consisting of end-users and home workplaces.
Furthermore, she dealered the previous high at Solitaire on Cecil in the CBD. It was for three whole strata levels spanning 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The three levels were brought an aggregate of $162.8 million, or $4,300 psf, in April 2023.
