Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
The whole sixth level of Tong Building on Orchard Road was retailed for $31.33 million, based upon a warning on September 3. The whole strata office level utilizes a space of 6,867 sq ft. The acquisition rate mirrors a unit rate of $4,562 psf, which is the highest psf price for a workplace in the prime districts to day. Yap Hui Yee, executive manager of financial investment sales and funding markets at Savills Singapore, brokered the agreement.
The $4,562 psf for the 6th ground of Tong Building is “a record-breaking rate in psf terms, setting a new benchmark in Singapore’s strata office market,” states Savills’ Yap. She takes into account the deal “a landmark operation in Singapore’s realty history”.
According to Yap, there was significant attraction from a diverse pool of prospective buyers, consisting of end-users and home offices.
Yap assumes the strata office industry to continue its upward trajectory. “With businesses significantly looking for adaptable office services and adapting to hybrid job systems, strata offices are coming to be more appealing than ever before,” she mentions. “The strength of the field and its capability to fulfill changing need suggest a promising expectation for the future.”
According to a real estate title quest, Parkway Hospitals Singapore was the buyer of the office floor at Tong Building. Parkway Hospitals Singapore belongs to Bursa Malaysia-listed private medical care provider IHH Healthcare. The medical company is a continuing tenant in the establishment, taking up half of the 6th storey. The other fifty percent of the floor is taken up by two various other medical firms.
Furthermore, she brokered the past high at Solitaire on Cecil in the CBD. It was for 3 whole strata floors extending 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The 3 floors were sold for an aggregate of $162.8 million, or $4,300 psf, in April 2023.
It makes sense for Parkway Hospitals to buy the entire sixth floor of Tong Building, given its distance to Mount Elizabeth Hospice and Medical Centre, which is simply a short step up the road.
Tong Establishment is a 19-storey, freehold strata-titled office complex at the edge of prime Orchard Road and Mount Elizabeth. It was constructed in 1978 by TG Development. Next door is Paragon shopping center, and Mount Elizabeth Hospital and Medical Centre are causing it.
