Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
Recently, EdgeProp Singapore reported that the overall 6th ground of Tong Building on Orchard Roadway was brought $31.33 million, or a record $4,562 psf, based upon a Sept 3 sign.
According to Savills, the deal strengthens Orchard Road’s position as a hub for health care options, with the consultancy explaining the shopping district as Singapore’s most extensive health care hub. It includes that Parkway Hospital’s development in the area mirrors a thriving trend of health-related establishments growing right into vital commercial areas, maintained by climbing demand for health services.
“Parkway’s purchase is poised to take advantage of the continuous growth and demand in the health-related sector, enhancing Orchard Street’s part as a main member in Singapore’s medical care scene,” claims Yap.
Savills stated in a press release that Parkway Medical facility’s procurement of the property office story lines up with its development strategies. The Tong Building is a brief walk from Mount Elizabeth Health Center, which is owned and operate by IHH Healthcare.
The healthcare facility manager also got an unusual medical modification of utilization confirmation for the floor, just where it means to give medical support services. Savills’ Yap notes that areas designated for medical usage stay limited in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with roughly 50% based within just hospital-supported premises,” she adds. This leaves around 1,000 medical units offered on the open market.
The offer was brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore. The 6,867 sq ft strata office flooring was sold to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed exclusive medicine and health company IHH Healthcare.
