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, executive director of investment sales and funding markets at Savills Singapore. The 6,867 sq ft strata office ground was sold to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed exclusive healthcare provider IHH Healthcare.

“Parkway’s procurement is poised to benefit from the continuous growth and demand in the medical industry, strengthening Orchard Street’s part as a main member in Singapore’s medical care scene,” says Yap.

According to Savills, the offer strengthens Orchard Road’s setting as a hub for medical assistances, with the consultancy defining the purchasing district as Singapore’s biggest clinical center. It adds that Parkway Hospital’s development in the area reflects a progressing fad of health-related establishments growing into vital commercial locations, sustained by increasing need for health services.

The medical facility operator additionally got an uncommon medical change of utilization authorization for the story, just where it means to give health services. Savills’ Yap indicates that spaces designated for medical usage continue to be limited in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with around 50% based inside hospital-supported premises,” she includes. This leaves around 1,000 medical units offered on the open market.

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Savills stated in an announcement that Parkway Medical facility’s acquisition of the estate office story lines up with its growth plans. The Tong Property is a quick walk from Mount Elizabeth Medical Facility, that is owned by IHH Healthcare.

Last week, EdgeProp Singapore declared that the whole 6th ground of Tong Building on Orchard Roadway was fetched $31.33 million, or a report $4,562 psf, based on a Sept 3 sign.