Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The offer was brokered by Yap Hui Yee, managing supervisor of financial investment sales and funding markets at Savills Singapore. The 6,867 sq ft strata office ground was marketed to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed private healthcare service provider IHH Healthcare.
Savills stated in an announcement that Parkway Medical facility’s acquisition of the property workplace story coordinates with its growth plannings. The Tong Building is a brief walk from Mount Elizabeth Healthcare Facility, which is operated by IHH Health care.
Recently, EdgeProp Singapore showed that the whole 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.
The medical center manager additionally got an unusual medical change of usage permission for the floor, just where it means to give medical assistances. Savills’ Yap indicates that rooms marked for clinical purpose continue to be limited in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with approximately 50% based within hospital-supported facilities,” she adds. This remains around 1,000 medical units offered on the open market.
According to Savills, the offer strengthens Orchard Road’s setting as a facility for medical options, with the consultancy defining the buying region as Singapore’s largest clinical hub. It includes that Parkway Hospital’s expansion in the place shows a growing trend of medical establishments increasing into key business areas, maintained by increasing demand for medical services.
“Parkway’s procurement is stood to gain from the continuous growth and demand in the health-related field, enhancing Orchard Street’s role as a central player in Singapore’s medical care scene,” claims Yap.
