Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
Last week, EdgeProp Singapore declared that the full 6th floor of Tong Facility on Orchard Roadway was sold for $31.33 million, or a record $4,562 psf, based on a Sept 3 caution.
According to Savills, the deal strengthens Orchard Road’s placement as a facility for clinical services, with the consultancy defining the shopping region as Singapore’s most extensive medical center. It includes that Parkway Hospital’s development in the area mirrors a growing trend of medical establishments expanding right into essential business places, assisted by rising need for medical services.
Savills claimed in an announcement that Parkway Medical facility’s purchase of the estate office floor aligns with its growth strategies. The Tong Establishment is a brief stroll from Mount Elizabeth Health Center, that is owned by IHH Medical care.
The deal was agented by Yap Hui Yee, executive supervisor of financial investment sales and capital industry at Savills Singapore. The 6,867 sq ft strata office flooring was offered to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed private medicine and health service provider IHH Healthcare.
The medical center operator even obtained a rare medical modification of utilization authorization for the level, just where it intends to offer clinical support services. Savills’ Yap marks that rooms assigned for medical usage stay rare in Singapore. “There are fewer than 2,000 medical suites in Singapore, with roughly 50% based within hospital-supported facilities,” she includes. This makes around 1,000 medical units offered on the open market.
“Parkway’s acquisition is poised to gain from the continuous growth and demand in the health-related sector, enhancing Orchard Street’s role as a central participant in Singapore’s health care scene,” states Yap.
