Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
Last week, EdgeProp Singapore disclosed that the full 6th floor of Tong Building on Orchard Road was fetched $31.33 million, or a report $4,562 psf, based on a Sept 3 sign.
“Parkway’s procurement is poised to gain from the continued development and demand in the healthcare sector, reinforcing Orchard Road’s role as a main member in Singapore’s health care scene,” says Yap.
Savills stated in a news release that Parkway Hospital’s acquisition of the property workplace ground aligns with its expansion methods. The Tong Property is a brief stroll from Mount Elizabeth Hospital, that is operated by IHH Medical care.
The deal was agented by Yap Hui Yee, executive director of financial investment sales and capital markets at Savills Singapore. The 6,867 sq ft strata office ground was sold to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed exclusive healthcare provider IHH Healthcare.
The healthcare facility operator also obtained an uncommon medical change of usage authorization for the level, where it intends to give health assistances. Savills’ Yap notes that spaces marked for clinical use remain limited in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with around 50% located just within hospital-supported premises,” she includes. This leaves around 1,000 medical units offered on the free market.
According to Savills, the offer hardens Orchard Road’s setting as a facility for health-related services, with the consultancy describing the shopping region as Singapore’s most extensive health care center. It adds that Parkway Hospital’s development in the area shows a thriving fad of health-related organizations increasing into essential commercial areas, maintained by rising need for health services.
