Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The hospital provider additionally acquired an uncommon medical modification of usage authorization for the level, in which it means to give health care support services. Savills’ Yap notes that rooms assigned for medical use continue to be rare in Singapore. “There are less than 2,000 health-related suites in Singapore, with about 50% found within hospital-supported buildings,” she adds. This makes around 1,000 health care units offered on the open market.
“Parkway’s purchase is stood to benefit from the continued development and demand in the healthcare market, reinforcing Orchard Street’s part as a main player in Singapore’s health care landscape,” states Yap.
The bargain was brokered by Yap Hui Yee, executive director of investment sales and funding markets at Savills Singapore. The 6,867 sq ft strata office flooring was offered to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed nonpublic healthcare company IHH Healthcare.
According to Savills, the offer hardens Orchard Road’s placement as a centre for clinical assistances, with the consultancy describing the buying belt as Singapore’s most extensive clinical center. It adds that Parkway Hospital’s growth in the area shows a developing trend of medical institutions broadening right into crucial commercial areas, assisted by rising need for medical services.
Savills stated in an announcement that Parkway Medical facility’s acquisition of the estate workplace story coordinates with its growth strategies. The Tong Establishment is a brief walk from Mount Elizabeth Healthcare Facility, that is operated by IHH Medical care.
Recently, EdgeProp Singapore disclosed that the full 6th ground of Tong Structure on Orchard Road was sold for $31.33 million, or a record $4,562 psf, based on a Sept 3 caution.
