Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The hospital operator additionally obtained a rare medical modification of usage approval for the floor, just where it means to offer clinical support services. Savills’ Yap marks that spaces marked for clinical usage continue to be scarce in Singapore. “There are less than 2,000 health-related suites in Singapore, with approximately 50% located within just hospital-supported properties,” she adds. This remains around 1,000 medical units offered on the open market.
According to Savills, the deal hardens Orchard Road’s setting as a hub for health-related options, with the consultancy describing the buying district as Singapore’s largest health care center. It includes that Parkway Hospital’s expansion in the area shows a developing trend of health-related organizations increasing into crucial commercial locations, maintained by climbing need for medical services.
Savills claimed in an announcement that Parkway Hospital’s purchase of the freehold office story aligns with its growth strategies. The Tong Establishment is a brief stroll from Mount Elizabeth Medical Facility, which is operated by IHH Healthcare.
The bargain was brokered by Yap Hui Yee, managing director of investment sales and funding markets at Savills Singapore. The 6,867 sq ft strata office flooring was offered to Parkway Hospitals Singapore, a registered member of Bursa Malaysia-listed exclusive medical provider IHH Healthcare.
“Parkway’s purchase is held to gain from the continuous development and demand in the healthcare market, strengthening Orchard Street’s role as a core member in Singapore’s health care landscape,” says Yap.
Recently, EdgeProp Singapore showed that the whole 6th floor of Tong Facility on Orchard Road was sold for $31.33 million, or a record $4,562 psf, based upon a Sept 3 sign.
