Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
Last week, EdgeProp Singapore disclosed that the entire sixth level of Tong Structure on Orchard Road was sold for $31.33 million, or a record $4,562 psf, based upon a Sept 3 sign.
The offer was agented by Yap Hui Yee, executive director of financial investment sales and capital industry at Savills Singapore. The 6,867 sq ft strata office ground was sold to Parkway Hospitals Singapore, a registered member of Bursa Malaysia-listed nonpublic medicine and health company IHH Healthcare.
“Parkway’s procurement is held to take advantage of the continuous growth and demand in the health-related market, enhancing Orchard Road’s role as a central participant in Singapore’s healthcare scene,” says Yap.
The medical facility provider additionally got an uncommon medical adjustment of use confirmation for the story, just where it intends to provide health support services. Savills’ Yap marks that spaces assigned for medical usage remain limited in Singapore. “There are fewer than 2,000 medical suites in Singapore, with roughly 50% based within just hospital-supported properties,” she includes. This leaves around 1,000 medical units available on the open market.
Savills stated in an announcement that Parkway Medical facility’s purchase of the freehold workplace ground lines up with its expansion plans. The Tong Property is a brief stroll from Mount Elizabeth Medical Facility, which is owned by IHH Healthcare.
According to Savills, the offer hardens Orchard Road’s placement as a facility for health-related services, with the consultancy defining the shopping belt as Singapore’s biggest health care hub. It adds that Parkway Hospital’s growth in the area shows a growing fad of health-related establishments expanding into vital commercial areas, maintained by rising demand for health services.
