Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
According to a real property title search, Parkway Hospitals Singapore was the investor of the office level at Tong Property. Parkway Hospitals Singapore becomes part of Bursa Malaysia-listed exclusive medical care provider IHH Healthcare. The medical vendor is a continuing tenant in the establishment, covering half of the sixth level. The other fifty percent of the ground is filled by two various other medical firms.
According to Yap, there was considerable interest from a varying pool of prospective buyers, featuring end-users and household workplaces.
It works for Parkway Hospitals to acquire the whole 6th level of Tong Building, given its distance to Mount Elizabeth Medical Facility and Medical Centre, that is simply a brief walk up the route.
The $4,562 psf for the 6th level of Tong Building is “a record-breaking rate in psf terms, establishing a brand-new benchmark in Singapore’s strata workplace market,” states Savills’ Yap. She takes into account the agreement “a landmark operation in Singapore’s realty history”.
Furthermore, she dealered the past high at Solitaire on Cecil in the CBD. It was for three entire strata levels extending 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The 3 levels were brought a total of $162.8 million, or $4,300 psf, in April 2023.
The whole 6th floor of Tong Property on Orchard Street was retailed for $31.33 million, based on a caveat on September 3. The entire strata office floor utilizes an area of 6,867 sq ft. The purchase rate mirrors a unit price of $4,562 psf, which is the maximum psf value for an office space in the top sectors to day. Yap Hui Yee, executive director of investment sales and resources markets at Savills Singapore, brokered the deal.
Yap assumes the strata office marketplace to continue its higher trajectory. “With businesses significantly looking for adaptable office solutions and modifying to crossbreed work models, strata offices are turning into much more desirable than ever before,” she says. “The durability of the industry and its ability to fulfill growing need indicate an appealing expectation for the future.”
Tong Establishment is a 19-storey, freehold strata-titled office complex at the corner of prime Orchard Road and Mount Elizabeth. It was built in 1978 by TG Development. Next door is Paragon shopping center, and Mount Elizabeth Hospital and Medical Centre are responsible for it.
