Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills

Last week, EdgeProp Singapore declared that the entire sixth ground of Tong Building on Orchard Roadway was sold for $31.33 million, or a report $4,562 psf, based on a Sept 3 caution.

According to Savills, the offer strengthens Orchard Road’s placement as a centre for health-related options, with the consultancy defining the shopping district as Singapore’s biggest health care center. It adds that Parkway Hospital’s expansion in the area mirrors a thriving trend of health-related institutions expanding right into essential business places, sustained by rising demand for medical services.

The bargain was brokered by Yap Hui Yee, managing director of investment sales and resources industry at Savills Singapore. The 6,867 sq ft strata office floor was marketed to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed private medical service provider IHH Healthcare.

The medical facility manager additionally got an uncommon medical modification of utilization approval for the level, where it intends to give clinical assistances. Savills’ Yap indicates that spaces assigned for clinical purpose continue to be limited in Singapore. “There are fewer than 2,000 medical suites in Singapore, with about 50% found within hospital-supported premises,” she adds. This remains around 1,000 health care units offered on the free market.

The Botany at Dairy Farm condo floor plan

Savills claimed in a news release that Parkway Hospital’s acquisition of the estate workplace ground lines up with its growth methods. The Tong Property is a quick walk from Mount Elizabeth Health Center, which is managed by IHH Health care.

“Parkway’s purchase is poised to take advantage of the continuous development and demand in the healthcare field, reinforcing Orchard Road’s role as a main member in Singapore’s healthcare scene,” states Yap.