Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
Savills stated in a press release that Parkway Medical facility’s purchase of the freehold office ground coordinates with its growth methods. The Tong Building is a quick stroll from Mount Elizabeth Medical Facility, that is managed by IHH Health care.
According to Savills, the deal solidifies Orchard Road’s placement as a facility for health care options, with the consultancy defining the shopping district as Singapore’s biggest medical hub. It adds that Parkway Hospital’s growth in the place shows a developing fad of health-related institutions broadening into key business locations, sustained by increasing demand for medical services.
“Parkway’s acquisition is stood to benefit from the ongoing development and demand in the medical field, reinforcing Orchard Street’s role as a central member in Singapore’s health care landscape,” says Yap.
The healthcare facility operator additionally acquired a rare medical adjustment of usage confirmation for the floor, just where it intends to provide medical services. Savills’ Yap indicates that rooms assigned for medical purpose remain rare in Singapore. “There are fewer than 2,000 medical suites in Singapore, with approximately 50% found within hospital-supported properties,” she adds. This remains around 1,000 medical units available on the open market.
Last week, EdgeProp Singapore reported that the overall 6th floor of Tong Building on Orchard Road was fetched $31.33 million, or a report $4,562 psf, based on a Sept 3 sign.
The deal was brokered by Yap Hui Yee, executive director of financial investment sales and capital markets at Savills Singapore. The 6,867 sq ft strata office flooring was offered to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed nonpublic healthcare service provider IHH Healthcare.
