Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The bargain was brokered by Yap Hui Yee, executive supervisor of investment sales and funding industry at Savills Singapore. The 6,867 sq ft strata office ground was offered to Parkway Hospitals Singapore, a registered member of Bursa Malaysia-listed exclusive medical service provider IHH Healthcare.
Savills said in a press release that Parkway Hospital’s procurement of the property office floor lines up with its expansion plannings. The Tong Building is a quick stroll from Mount Elizabeth Healthcare Facility, that is operated by IHH Healthcare.
Last week, EdgeProp Singapore declared that the entire sixth level of Tong Structure on Orchard Roadway was sold for $31.33 million, or a record $4,562 psf, based on a Sept 3 caveat.
The hospital provider additionally obtained an uncommon medical adjustment of utilization authorization for the story, just where it means to offer health assistances. Savills’ Yap marks that spaces assigned for medical usage remain rare in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with approximately 50% found inside hospital-supported buildings,” she includes. This remains around 1,000 health care units available on the free market.
“Parkway’s acquisition is poised to take advantage of the ongoing development and demand in the healthcare field, enhancing Orchard Road’s role as a central participant in Singapore’s health care scene,” says Yap.
According to Savills, the deal hardens Orchard Road’s setting as a hub for medical assistances, with the consultancy describing the buying district as Singapore’s most extensive medical center. It adds that Parkway Hospital’s development in the place shows a developing fad of medical organizations broadening right into vital business locations, sustained by climbing need for medical services.
