Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The bargain was brokered by Yap Hui Yee, managing director of financial investment sales and resources markets at Savills Singapore. The 6,867 sq ft strata office floor was marketed to Parkway Hospitals Singapore, an associate of Bursa Malaysia-listed exclusive healthcare company IHH Healthcare.
“Parkway’s acquisition is stood to take advantage of the continued growth and demand in the medical field, enhancing Orchard Road’s role as a core player in Singapore’s medical care scene,” states Yap.
Last week, EdgeProp Singapore declared that the entire sixth floor of Tong Building on Orchard Roadway was brought $31.33 million, or a record $4,562 psf, based on a Sept 3 caution.
Savills stated in a news release that Parkway Medical facility’s purchase of the freehold workplace level lines up with its growth plannings. The Tong Property is a brief stroll from Mount Elizabeth Healthcare Facility, that is managed by IHH Medical care.
The medical center operator even got a rare medical modification of usage authorization for the story, in which it plans to supply health care assistances. Savills’ Yap indicates that spaces marked for medical purpose remain scarce in Singapore. “There are less than 2,000 medical suites in Singapore, with approximately 50% based within hospital-supported premises,” she adds. This remains around 1,000 medical units offered on the free market.
According to Savills, the deal solidifies Orchard Road’s position as a facility for health-related options, with the consultancy defining the buying belt as Singapore’s biggest medical center. It adds that Parkway Hospital’s growth in the place shows a developing fad of health-related institutions expanding right into essential commercial places, sustained by climbing need for health services.
