Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The healthcare facility manager additionally acquired an uncommon medical change of usage permission for the floor, where it plans to supply medical assistances. Savills’ Yap marks that rooms designated for clinical use stay rare in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with about 50% based inside hospital-supported facilities,” she adds. This remains around 1,000 health care units offered on the open market.
Recently, EdgeProp Singapore reported that the overall sixth level of Tong Building on Orchard Roadway was brought $31.33 million, or a report $4,562 psf, based on a Sept 3 caveat.
“Parkway’s acquisition is held to benefit from the continued growth and demand in the health-related market, enhancing Orchard Street’s part as a main participant in Singapore’s healthcare scene,” claims Yap.
The deal was agented by Yap Hui Yee, executive director of investment sales and funding industry at Savills Singapore. The 6,867 sq ft strata office flooring was sold to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed private medical service provider IHH Healthcare.
Savills claimed in a press release that Parkway Medical facility’s procurement of the freehold workplace story aligns with its expansion strategies. The Tong Property is a brief walk from Mount Elizabeth Health Center, that is managed by IHH Health care.
According to Savills, the offer solidifies Orchard Road’s placement as a facility for medical assistances, with the consultancy defining the buying region as Singapore’s largest medical center. It includes that Parkway Hospital’s development in the area reflects a progressing trend of health-related organizations increasing right into key commercial locations, supported by increasing demand for medical services.
