Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
According to Savills, the offer solidifies Orchard Road’s placement as a hub for health care options, with the consultancy defining the buying region as Singapore’s biggest medical hub. It adds that Parkway Hospital’s growth in the place reflects a thriving trend of health-related institutions increasing into essential business areas, supported by rising demand for medical services.
The deal was agented by Yap Hui Yee, managing director of financial investment sales and resources industry at Savills Singapore. The 6,867 sq ft strata office ground was offered to Parkway Hospitals Singapore, a registered member of Bursa Malaysia-listed exclusive healthcare company IHH Healthcare.
“Parkway’s acquisition is held to benefit from the ongoing development and demand in the healthcare market, enhancing Orchard Road’s role as a central participant in Singapore’s medical care scene,” states Yap.
Savills said in a press release that Parkway Medical facility’s purchase of the estate office ground coordinates with its development methods. The Tong Property is a short stroll from Mount Elizabeth Healthcare Facility, which is managed by IHH Healthcare.
Recently, EdgeProp Singapore showed that the overall 6th ground of Tong Facility on Orchard Roadway was yielded $31.33 million, or a report $4,562 psf, based on a Sept 3 caution.
The hospital provider even got a rare medical adjustment of use permission for the floor, just where it plans to supply health care support services. Savills’ Yap notes that spaces designated for clinical purpose remain scarce in Singapore. “There are less than 2,000 medical suites in Singapore, with around 50% based inside hospital-supported facilities,” she includes. This leaves around 1,000 medical units offered on the free market.
