Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The bargain was brokered by Yap Hui Yee, managing director of financial investment sales and capital industry at Savills Singapore. The 6,867 sq ft strata office flooring was sold to Parkway Hospitals Singapore, an associate of Bursa Malaysia-listed exclusive healthcare provider IHH Healthcare.
“Parkway’s procurement is poised to gain from the continued growth and demand in the healthcare sector, reinforcing Orchard Road’s role as a central participant in Singapore’s health care scene,” states Yap.
According to Savills, the deal strengthens Orchard Road’s setting as a hub for health-related assistances, with the consultancy defining the shopping region as Singapore’s largest clinical center. It includes that Parkway Hospital’s growth in the place shows a developing trend of medical organizations broadening right into vital commercial places, sustained by climbing need for health services.
The hospital manager additionally acquired an uncommon medical adjustment of utilization authorization for the floor, just where it intends to offer health services. Savills’ Yap notes that areas assigned for clinical use continue to be rare in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with around 50% located just within hospital-supported facilities,” she adds. This makes around 1,000 health care units offered on the free market.
Savills stated in a press release that Parkway Hospital’s acquisition of the freehold office level aligns with its development plannings. The Tong Building is a quick walk from Mount Elizabeth Medical Facility, that is operated by IHH Medical care.
Last week, EdgeProp Singapore declared that the full sixth ground of Tong Building on Orchard Roadway was sold for $31.33 million, or a report $4,562 psf, based upon a Sept 3 caveat.
