Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
Tong Building is a 19-storey, freehold strata-titled office complex at the edge of prime Orchard Roadway and Mount Elizabeth. It was built in 1978 by TG Development. Next door is Paragon mall, and Mount Elizabeth Hospital and Medical Centre are responsible for it.
It makes sense for Parkway Hospitals to acquire the whole sixth level of Tong Property, given its proximity to Mount Elizabeth Hospice and Medical Centre, which is simply a short step up the street.
Yap expects the strata workplace marketplace to proceed its upward trajectory. “With businesses increasingly seeking adaptable office services and adjusting to crossbreed job systems, strata offices are turning into much more attractive than ever,” she says. “The resilience of the industry and its ability to fulfill growing demand imply an appealing expectation for the future.”
According to Yap, there was considerable attention from a diverse pool of bidders, featuring end-users and household offices.
According to a real property title quest, Parkway Hospitals Singapore was the buyer of the office floor at Tong Property. Parkway Hospitals Singapore becomes part of Bursa Malaysia-listed private medical care provider IHH Healthcare. The medical vendor is an existing occupant in the facility, covering fifty percent of the 6th floor. The other fifty percent of the ground is filled by 2 other health-related business.
Incidentally, she brokered the former high at Solitaire on Cecil in the CBD. It was for three entire strata levels covering 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The three storeys were brought a total of $162.8 million, or $4,300 psf, in April 2023.
The $4,562 psf for the 6th floor of Tong Structure is “a record-breaking rate in psf terms, establishing a brand-new benchmark in Singapore’s strata workplace market,” states Savills’ Yap. She factors in the agreement “a landmark transactions in Singapore’s real estate record”.
The whole 6th storey of Tong Property on Orchard Street was retailed for $31.33 million, based upon a caveat on September 3. The entire strata office level utilizes a section of 6,867 sq ft. The investment cost reflects a unit price of $4,562 psf, which is the highest psf fee for an office in the top districts to day. Yap Hui Yee, executive supervisor of financial investment sales and funding markets at Savills Singapore, agented the deal.
