Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
Savills stated in a news release that Parkway Hospital’s acquisition of the estate workplace floor aligns with its growth methods. The Tong Establishment is a quick stroll from Mount Elizabeth Health Center, which is managed by IHH Healthcare.
“Parkway’s procurement is poised to benefit from the continued development and demand in the health-related sector, strengthening Orchard Street’s part as a central participant in Singapore’s medical care landscape,” claims Yap.
The medical facility provider additionally obtained an unusual medical change of usage approval for the level, just where it means to give clinical services. Savills’ Yap indicates that rooms marked for clinical usage remain scarce in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with roughly 50% found within just hospital-supported premises,” she adds. This remains around 1,000 medical units offered on the free market.
Last week, EdgeProp Singapore declared that the entire sixth floor of Tong Building on Orchard Roadway was fetched $31.33 million, or a record $4,562 psf, based on a Sept 3 caveat.
According to Savills, the offer hardens Orchard Road’s placement as a facility for medical services, with the consultancy explaining the shopping region as Singapore’s biggest medical center. It adds that Parkway Hospital’s growth in the area reflects a growing fad of health-related establishments growing right into essential business areas, maintained by climbing demand for medical services.
The deal was agented by Yap Hui Yee, managing director of investment sales and funding markets at Savills Singapore. The 6,867 sq ft strata office flooring was marketed to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed nonpublic medical provider IHH Healthcare.
