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

Savills stated in an announcement that Parkway Hospital’s acquisition of the property office story lines up with its development methods. The Tong Establishment is a quick walk from Mount Elizabeth Medical Facility, which is managed by IHH Medical care.

Lentor Mansion Guocoland & Hong Leong Holdings Limited

Last week, EdgeProp Singapore disclosed that the full sixth floor of Tong Facility on Orchard Roadway was sold for $31.33 million, or a record $4,562 psf, based upon a Sept 3 caveat.

According to Savills, the deal strengthens Orchard Road’s setting as a hub for health-related options, with the consultancy defining the buying belt as Singapore’s largest health care center. It adds that Parkway Hospital’s growth in the area reflects a thriving trend of medical establishments increasing into crucial business areas, maintained by rising need for health services.

“Parkway’s purchase is held to gain from the ongoing growth and demand in the medical field, reinforcing Orchard Road’s part as a core member in Singapore’s healthcare scene,” states Yap.

The medical center provider additionally acquired an uncommon medical adjustment of utilization approval for the story, just where it plans to supply clinical assistances. Savills’ Yap marks that rooms assigned for medical usage stay rare in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with approximately 50% found just within hospital-supported facilities,” she includes. This makes around 1,000 health care units offered on the open market.

The bargain was brokered by Yap Hui Yee, managing supervisor of financial investment sales and capital markets at Savills Singapore. The 6,867 sq ft strata office flooring was marketed to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed private healthcare company IHH Healthcare.