Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The deal was agented by Yap Hui Yee, managing supervisor of investment sales and funding industry at Savills Singapore. The 6,867 sq ft strata office flooring was offered to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed nonpublic medical provider IHH Healthcare.
The medical center operator also obtained an uncommon medical modification of utilization permission for the level, where it plans to give health care support services. Savills’ Yap notes that areas assigned for clinical use stay limited in Singapore. “There are fewer than 2,000 medical suites in Singapore, with about 50% based within hospital-supported facilities,” she adds. This leaves around 1,000 medical units available on the free market.
Savills said in a news release that Parkway Medical facility’s acquisition of the property office story lines up with its expansion strategies. The Tong Establishment is a brief stroll from Mount Elizabeth Hospital, which is operated by IHH Medical care.
“Parkway’s purchase is held to gain from the continuous development and demand in the health-related industry, strengthening Orchard Road’s part as a main player in Singapore’s health care scene,” says Yap.
Last week, EdgeProp Singapore disclosed that the entire sixth level of Tong Facility on Orchard Roadway was brought $31.33 million, or a report $4,562 psf, based on a Sept 3 caveat.
According to Savills, the offer strengthens Orchard Road’s position as a hub for health-related assistances, with the consultancy describing the buying region as Singapore’s largest health care hub. It includes that Parkway Hospital’s growth in the area mirrors a progressing trend of health-related establishments growing right into vital business locations, supported by rising demand for medical services.
