Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
Last week, EdgeProp Singapore showed that the whole 6th ground of Tong Facility on Orchard Road was brought $31.33 million, or a report $4,562 psf, based upon a Sept 3 caution.
According to Savills, the deal hardens Orchard Road’s setting as a facility for health care assistances, with the consultancy defining the buying district as Singapore’s most extensive clinical center. It includes that Parkway Hospital’s expansion in the area shows a thriving fad of medical institutions increasing into vital commercial locations, supported by increasing demand for health services.
The medical center manager even got an unusual medical adjustment of use permission for the floor, just where it plans to provide health support services. Savills’ Yap marks that spaces marked for medical use stay 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 makes around 1,000 health care units available on the open market.
“Parkway’s purchase is poised to gain from the continued growth and demand in the medical field, enhancing Orchard Road’s part as a main participant in Singapore’s health care scene,” states Yap.
Savills said in a news release that Parkway Hospital’s procurement of the property office story coordinates with its development plans. The Tong Building is a quick stroll from Mount Elizabeth Hospital, which is managed by IHH Healthcare.
The deal 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 offered to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed nonpublic medical company IHH Healthcare.
