Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
According to a property title quest, Parkway Hospitals Singapore was the buyer of the office level at Tong Building. Parkway Hospitals Singapore becomes part of Bursa Malaysia-listed exclusive medical care service provider IHH Healthcare. The medical vendor is an existing occupant in the facility, taking up fifty percent of the sixth level. The other fifty percent of the floor is taken up by 2 various other health-related business.
Tong Establishment is a 19-storey, freehold strata-titled office complex at the edge of prime Orchard Road and Mount Elizabeth. It was built in 1978 by TG Development. Next door is Paragon shopping mall, and Mount Elizabeth Hospital and Medical Centre are behind it.
According to Yap, there was substantial attention from a different pool of bidders, featuring end-users and home offices.
The Hill @ One North Singapore
The whole 6th level of Tong Establishment on Orchard Street was offered for $31.33 million, based on a caveat on September 3. The whole strata office ground takes up a section of 6,867 sq ft. The purchase cost mirrors a unit cost of $4,562 psf, which is the maximum psf value for a workplace in the top sectors to date. Yap Hui Yee, executive manager of investment sales and capital markets at Savills Singapore, serviced the transaction.
Incidentally, she brokered the former high at Solitaire on Cecil in the CBD. It was for 3 whole strata levels spanning 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The 3 storeys were brought an aggregate of $162.8 million, or $4,300 psf, in April 2023.
It works for Parkway Hospitals to purchase the entire sixth floor of Tong Property, offered its closeness to Mount Elizabeth Hospice and Medical Centre, that is simply a brief step up the route.
Yap expects the strata workplace industry to proceed its upward trajectory. “With companies significantly looking for flexible workspace services and modifying to hybrid job models, strata offices are turning into much more desirable than ever,” she says. “The durability of the sector and its capacity to fulfill changing demand suggest an appealing overview for the future.”
The $4,562 psf for the sixth level of Tong Structure is “a record-breaking price in psf terms, establishing a new benchmark in Singapore’s strata workplace market,” states Savills’ Yap. She factors in the deal “a landmark transaction in Singapore’s realty history”.
