Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
Tong Establishment is a 19-storey, freehold strata-titled office complex at the edge of prime Orchard Roadway 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.
The $4,562 psf for the sixth ground of Tong Building is “a record-breaking rate in psf terms, setting a brand-new benchmark in Singapore’s strata workplace market,” says Savills’ Yap. She factors in the agreement “a landmark operation in Singapore’s property record”.
Yap assumes the strata workplace industry to proceed its upward trajectory. “With companies increasingly looking for flexible work area options and modifying to crossbreed work models, strata offices are coming to be a lot more attractive than ever,” she mentions. “The strength of the sector and its capability to meet evolving requirement suggest an appealing expectation for the future.”
According to Yap, there was substantial interest from a varying pool of bidders, including end-users and family workplaces.
The entire sixth storey of Tong Establishment on Orchard Road was offered for $31.33 million, based upon a warning on September 3. The entire strata office level takes up a section of 6,867 sq ft. The purchase rate reflects a unit cost of $4,562 psf, which is the highest psf fee for a workplace in the top areas to date. Yap Hui Yee, executive supervisor of financial investment sales and funding markets at Savills Singapore, brokered the arrangement.
According to a real property title quest, Parkway Hospitals Singapore was the purchaser of the office level at Tong Building. Parkway Hospitals Singapore belongs to Bursa Malaysia-listed private medical care specialist IHH Healthcare. The medical provider is an occurring occupant in the establishment, occupying fifty percent of the sixth storey. The other half of the ground is occupied by two other medical firms.
Furthermore, she brokered the past high at Solitaire on Cecil in the CBD. It was for 3 entire strata floors extending 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The three levels were sold for a total of $162.8 million, or $4,300 psf, in April 2023.
It works for Parkway Hospitals to purchase the whole sixth floor of Tong Building, provided its proximity to Mount Elizabeth Hospice and Medical Centre, which is simply a quick walk up the route.
