Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
According to a real estate title quest, Parkway Hospitals Singapore was the purchaser of the office level at Tong Property. Parkway Hospitals Singapore belongs to Bursa Malaysia-listed private medical care provider IHH Healthcare. The medical vendor is an occurring renter in the building, covering fifty percent of the sixth floor. The other half of the ground is taken up by two other health-related business.
Furthermore, she brokered the past high at Solitaire on Cecil in the CBD. It was for three whole strata levels covering 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The three storeys were yielded an aggregate of $162.8 million, or $4,300 psf, in April 2023.
It makes sense for Parkway Hospitals to buy the entire 6th level of Tong Property, provided its proximity to Mount Elizabeth Medical Facility and Medical Centre, that is simply a quick walk up the street.
Tong Establishment is a 19-storey, freehold strata-titled office complex at the edge of prime Orchard Roadway and Mount Elizabeth. It was constructed in 1978 by TG Development. Next door is Paragon shopping mall, and Mount Elizabeth Hospital and Medical Centre are responsible for it.
The $4,562 psf for the sixth ground of Tong Structure is “a record-breaking price in psf terms, setting a brand-new benchmark in Singapore’s strata workplace market,” states Savills’ Yap. She factors in the offer “a landmark operation in Singapore’s property history”.
Lentor Hills Residences showflat location
The entire sixth floor of Tong Establishment on Orchard Street was offered for $31.33 million, based upon a caveat on September 3. The whole strata office level utilizes a space of 6,867 sq ft. The purchase rate mirrors a unit price of $4,562 psf, which is the highest psf price for an office space in the top sectors to date. Yap Hui Yee, executive director of investment sales and resources markets at Savills Singapore, agented the transaction.
Yap anticipates the strata office marketplace to proceed its upward trajectory. “With businesses significantly looking for flexible workspace options and adapting to crossbreed work systems, strata workplaces are becoming a lot more desirable than ever before,” she says. “The resilience of the industry and its ability to meet progressing need indicate a good overview for the future.”
According to Yap, there was significant interest from a different pool of prospective buyers, including end-users and home offices.
