Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
Savills claimed in a news release that Parkway Medical facility’s acquisition of the estate workplace story aligns with its expansion plans. The Tong Establishment is a brief walk from Mount Elizabeth Health Center, which is owned by IHH Healthcare.
“Parkway’s acquisition is poised to benefit from the continuous development and demand in the healthcare field, strengthening Orchard Street’s part as a main member in Singapore’s healthcare scene,” states Yap.
Recently, EdgeProp Singapore disclosed that the full 6th ground of Tong Building on Orchard Roadway was fetched $31.33 million, or a report $4,562 psf, based on a Sept 3 caveat.
The offer was agented by Yap Hui Yee, managing supervisor of investment sales and capital markets at Savills Singapore. The 6,867 sq ft strata office ground was marketed to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed nonpublic medicine and health company IHH Healthcare.
According to Savills, the deal strengthens Orchard Road’s placement as a hub for health-related services, with the consultancy defining the shopping district as Singapore’s biggest clinical hub. It adds that Parkway Hospital’s development in the area reflects a thriving fad of medical establishments growing right into crucial business locations, assisted by climbing demand for health services.
The healthcare facility manager additionally acquired an unusual medical modification of usage permission for the level, just where it plans to give health care support services. Savills’ Yap indicates that spaces marked for clinical purpose stay scarce in Singapore. “There are fewer than 2,000 medical suites in Singapore, with about 50% located within just hospital-supported premises,” she includes. This remains around 1,000 health care units available on the open market.
