Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
Tong Building is a 19-storey, freehold strata-titled office complex at the edge of prime Orchard Roadway and Mount Elizabeth. It was constructed in 1978 by TG Development. Next door is Paragon shopping mall, and Mount Elizabeth Hospital and Medical Centre are causing it.
The entire 6th storey of Tong Building on Orchard Road was retailed for $31.33 million, based upon a caveat on September 3. The entire strata office ground takes up a space of 6,867 sq ft. The acquisition rate mirrors a unit price of $4,562 psf, which is the highest psf fee for a workplace in the top areas to day. Yap Hui Yee, executive supervisor of investment sales and resources markets at Savills Singapore, agented the arrangement.
Incidentally, she brokered the former high at Solitaire on Cecil in the CBD. It was for 3 whole strata levels extending 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The three floors were yielded an aggregate of $162.8 million, or $4,300 psf, in April 2023.
It makes sense for Parkway Hospitals to buy the entire sixth level of Tong Property, offered its closeness to Mount Elizabeth Medical Facility and Medical Centre, which is simply a brief step up the road.
The $4,562 psf for the 6th ground of Tong Structure is “a record-breaking cost in psf terms, setting a new benchmark in Singapore’s strata office industry,” says Savills’ Yap. She takes into account the agreement “a landmark transaction in Singapore’s property history”.
The Myst Condo showflat location
Yap assumes the strata workplace market to continue its higher trajectory. “With businesses increasingly seeking flexible workspace options and modifying to crossbreed work systems, strata workplaces are turning into a lot more attractive than ever,” she states. “The resilience of the sector and its capability to satisfy growing demand imply a good outlook for the future.”
According to a property title quest, Parkway Hospitals Singapore was the buyer of the office level at Tong Property. Parkway Hospitals Singapore is part of Bursa Malaysia-listed exclusive medical care service provider IHH Healthcare. The medical company is a continuing tenant in the facility, covering fifty percent of the 6th floor. The other half of the ground is taken up by 2 various other medical companies.
According to Yap, there was significant attraction from a varying pool of prospective buyers, featuring end-users and home offices.
