Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The offer was agented by Yap Hui Yee, managing supervisor of financial investment sales and funding markets at Savills Singapore. The 6,867 sq ft strata office flooring was offered to Parkway Hospitals Singapore, an associate of Bursa Malaysia-listed private medicine and health provider IHH Healthcare.
The hospital operator also got an uncommon medical modification of usage confirmation for the floor, in which it means to supply health services. Savills’ Yap marks that areas assigned for medical use continue to be limited in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with roughly 50% located within just hospital-supported properties,” she includes. This leaves around 1,000 health care units offered on the open market.
Last week, EdgeProp Singapore reported that the entire sixth level of Tong Structure on Orchard Road was fetched $31.33 million, or a report $4,562 psf, based upon a Sept 3 caveat.
“Parkway’s procurement is stood to take advantage of the ongoing growth and demand in the medical industry, enhancing Orchard Street’s part as a core player in Singapore’s medical care landscape,” says Yap.
According to Savills, the offer solidifies Orchard Road’s position as a facility for medical assistances, with the consultancy describing the buying region as Singapore’s most extensive health care hub. It includes that Parkway Hospital’s development in the area shows a developing trend of health-related establishments expanding right into vital business places, maintained by rising need for health services.
Savills claimed in a news release that Parkway Medical facility’s procurement of the estate workplace story coordinates with its development methods. The Tong Property is a quick walk from Mount Elizabeth Medical Facility, that is operated by IHH Healthcare.
