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, executive director of financial investment sales and capital industry at Savills Singapore. The 6,867 sq ft strata office floor was offered to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed nonpublic medical service provider IHH Healthcare.

Recently, EdgeProp Singapore reported that the full 6th floor of Tong Structure on Orchard Roadway was yielded $31.33 million, or a record $4,562 psf, based on a Sept 3 sign.

Savills claimed in an announcement that Parkway Medical facility’s acquisition of the property workplace floor aligns with its expansion plannings. The Tong Establishment is a brief walk from Mount Elizabeth Healthcare Facility, which is operated by IHH Medical care.

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According to Savills, the deal solidifies Orchard Road’s setting as a facility for health-related assistances, with the consultancy describing the shopping belt as Singapore’s largest medical hub. It includes that Parkway Hospital’s development in the area shows a developing trend of medical establishments increasing right into essential business locations, supported by increasing need for medical services.

The healthcare facility provider additionally got an unusual medical change of utilization approval for the level, just where it plans to provide clinical services. Savills’ Yap indicates that rooms designated for medical usage remain scarce in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with around 50% based within just hospital-supported premises,” she adds. This makes around 1,000 health care units available on the free market.

“Parkway’s purchase is stood to benefit from the continuous growth and demand in the healthcare industry, strengthening Orchard Road’s part as a core member in Singapore’s healthcare scene,” claims Yap.