Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The medical center manager also got a rare medical modification of utilization confirmation for the floor, where it plans to provide health support services. Savills’ Yap notes that rooms assigned for clinical purpose stay scarce in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with about 50% located inside hospital-supported premises,” she includes. This leaves around 1,000 health care units offered on the open market.
“Parkway’s procurement is poised to take advantage of the ongoing growth and demand in the health-related market, strengthening Orchard Road’s part as a central player in Singapore’s medical care scene,” claims Yap.
According to Savills, the offer hardens Orchard Road’s setting as a facility for health care services, with the consultancy explaining the purchasing belt as Singapore’s biggest health care center. It adds that Parkway Hospital’s growth in the place mirrors a growing fad of health-related establishments expanding into crucial business places, maintained by rising need for health services.
Last week, EdgeProp Singapore declared that the entire 6th level of Tong Facility on Orchard Roadway was brought $31.33 million, or a report $4,562 psf, based upon a Sept 3 caveat.
The bargain was agented by Yap Hui Yee, managing director of investment sales and resources markets at Savills Singapore. The 6,867 sq ft strata office floor was marketed to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed exclusive healthcare company IHH Healthcare.
Savills stated in a news release that Parkway Hospital’s acquisition of the property office level lines up with its growth methods. The Tong Building is a quick stroll from Mount Elizabeth Medical Facility, which is owned by IHH Healthcare.
