Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
Recently, EdgeProp Singapore reported that the whole sixth level of Tong Facility on Orchard Road was sold for $31.33 million, or a record $4,562 psf, based upon a Sept 3 sign.
“Parkway’s purchase is held to gain from the continued growth and demand in the healthcare market, strengthening Orchard Street’s role as a central player in Singapore’s healthcare landscape,” says Yap.
The medical facility manager also acquired an unusual medical modification of utilization permission for the story, just where it means to supply clinical support services. Savills’ Yap marks that areas designated for clinical purpose remain rare in Singapore. “There are fewer than 2,000 medical suites in Singapore, with around 50% located within just hospital-supported premises,” she includes. This makes around 1,000 health care units available on the open market.
Savills said in a news release that Parkway Medical facility’s acquisition of the property workplace story aligns with its growth methods. The Tong Establishment is a quick stroll from Mount Elizabeth Medical Facility, that is owned by IHH Medical care.
According to Savills, the offer solidifies Orchard Road’s setting as a hub for medical services, with the consultancy explaining the buying region as Singapore’s most extensive medical center. It includes that Parkway Hospital’s expansion in the area shows a progressing trend of medical establishments growing into crucial commercial areas, maintained by climbing demand for health services.
The deal was agented by Yap Hui Yee, executive supervisor of financial investment sales and resources industry at Savills Singapore. The 6,867 sq ft strata office flooring was offered to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed exclusive medicine and health company IHH Healthcare.
