Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The medical facility operator additionally obtained an unusual medical modification of usage authorization for the level, just where it plans to provide medical services. Savills’ Yap notes that areas marked for medical use continue to be rare in Singapore. “There are less than 2,000 health-related suites in Singapore, with approximately 50% located within hospital-supported properties,” she adds. This remains around 1,000 health care units available on the open market.
The offer was agented by Yap Hui Yee, executive supervisor of financial investment sales and capital markets at Savills Singapore. The 6,867 sq ft strata office flooring was sold to Parkway Hospitals Singapore, an associate of Bursa Malaysia-listed exclusive medicine and health company IHH Healthcare.
Savills stated in a press release that Parkway Hospital’s procurement of the property workplace story aligns with its development methods. The Tong Establishment is a brief stroll from Mount Elizabeth Hospital, that is owned and operate by IHH Medical care.
According to Savills, the deal solidifies Orchard Road’s placement as a facility for medical options, with the consultancy defining the purchasing district as Singapore’s biggest health care hub. It adds that Parkway Hospital’s growth in the place shows a thriving fad of medical institutions growing right into key commercial areas, supported by rising need for health services.
Recently, EdgeProp Singapore reported that the full 6th floor of Tong Structure on Orchard Road was fetched $31.33 million, or a record $4,562 psf, based upon a Sept 3 sign.
“Parkway’s procurement is stood to gain from the continued growth and demand in the healthcare sector, strengthening Orchard Road’s role as a central participant in Singapore’s health care scene,” says Yap.
