Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
According to Savills, the deal solidifies Orchard Road’s position as a centre for medical options, with the consultancy explaining the shopping district as Singapore’s most extensive clinical center. It includes that Parkway Hospital’s expansion in the area reflects a thriving fad of health-related organizations increasing right into key commercial areas, maintained by increasing need for medical services.
Recently, EdgeProp Singapore reported that the entire 6th floor of Tong Facility on Orchard Road was brought $31.33 million, or a report $4,562 psf, based on a Sept 3 sign.
“Parkway’s procurement is held to benefit from the continued development and demand in the health-related market, reinforcing Orchard Street’s role as a main participant in Singapore’s healthcare scene,” states Yap.
The bargain was agented by Yap Hui Yee, executive director of financial investment sales and resources industry at Savills Singapore. The 6,867 sq ft strata office flooring was offered to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed private medicine and health provider IHH Healthcare.
Savills claimed in an announcement that Parkway Medical facility’s procurement of the freehold office story coordinates with its expansion plannings. The Tong Establishment is a quick walk from Mount Elizabeth Healthcare Facility, that is owned by IHH Healthcare.
The medical facility manager even got an unusual medical modification of usage permission for the floor, where it intends to provide clinical support services. Savills’ Yap notes that spaces assigned for medical usage remain rare in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with roughly 50% located within hospital-supported premises,” she includes. This remains around 1,000 medical units offered on the free market.