Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
According to a real property title quest, Parkway Hospitals Singapore was the purchaser of the office level at Tong Building. Parkway Hospitals Singapore becomes part of Bursa Malaysia-listed private healthcare service provider IHH Healthcare. The medical company is an occurring renter in the establishment, covering half of the 6th level. The other fifty percent of the ground is occupied by 2 other medical business.
The whole sixth storey of Tong Property on Orchard Road was offered for $31.33 million, based on a warning on September 3. The whole strata office ground occupies a section of 6,867 sq ft. The purchase cost shows a unit cost of $4,562 psf, which is the greatest psf fee for a workplace in the prime areas to date. Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, agented the deal.
Tong Building is a 19-storey, freehold strata-titled office building at the edge of prime Orchard Roadway and Mount Elizabeth. It was built in 1978 by TG Development. Next door is Paragon shopping center, and Mount Elizabeth Hospital and Medical Centre are causing it.
Furthermore, she dealered the former high at Solitaire on Cecil in the CBD. It was for 3 entire strata floors spanning 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The three storeys were sold for an aggregate of $162.8 million, or $4,300 psf, in April 2023.
The $4,562 psf for the sixth ground of Tong Structure is “a record-breaking price in psf terms, setting a brand-new benchmark in Singapore’s strata office industry,” claims Savills’ Yap. She considers the deal “a landmark transaction in Singapore’s property history”.
According to Yap, there was considerable interest from a varying pool of bidders, featuring end-users and household workplaces.
It makes sense for Parkway Hospitals to buy the whole 6th level of Tong Building, given its closeness to Mount Elizabeth Hospice and Medical Centre, that is just a quick walk up the street.
Yap assumes the strata workplace marketplace to proceed its upward trajectory. “With businesses increasingly looking for versatile office services and adapting to crossbreed work systems, strata workplaces are becoming much more appealing than ever before,” she mentions. “The strength of the market and its capacity to fulfill changing need indicate a promising overview for the future.”
