Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The offer was agented by Yap Hui Yee, executive supervisor of financial investment sales and resources markets at Savills Singapore. The 6,867 sq ft strata office ground was marketed to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed exclusive healthcare provider IHH Healthcare.
“Parkway’s purchase is held to take advantage of the ongoing development and demand in the medical field, strengthening Orchard Street’s role as a central participant in Singapore’s health care scene,” says Yap.
Savills stated in a news release that Parkway Hospital’s purchase of the freehold workplace story aligns with its development methods. The Tong Establishment is a quick walk from Mount Elizabeth Medical Facility, which is managed by IHH Healthcare.
The medical center operator also got an unusual medical adjustment of use permission for the floor, just where it intends to give health services. Savills’ Yap marks that rooms assigned for clinical use remain scarce in Singapore. “There are less than 2,000 medical suites in Singapore, with approximately 50% located within just hospital-supported buildings,” she includes. This makes around 1,000 medical units offered on the free market.
According to Savills, the deal solidifies Orchard Road’s position as a facility for medical services, with the consultancy defining the buying district as Singapore’s most extensive clinical hub. It includes that Parkway Hospital’s growth in the place reflects a developing fad of medical organizations growing into key business locations, sustained by rising need for health services.
Recently, EdgeProp Singapore disclosed that the full 6th ground of Tong Structure on Orchard Roadway was fetched $31.33 million, or a report $4,562 psf, based on a Sept 3 caveat.