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

According to Savills, the offer hardens Orchard Road’s position as a facility for medical services, with the consultancy explaining the shopping district as Singapore’s largest health care center. It adds that Parkway Hospital’s development in the area mirrors a developing trend of health-related institutions growing into essential business places, assisted by climbing need for medical services.

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Last week, EdgeProp Singapore reported that the whole sixth floor of Tong Facility on Orchard Roadway was brought $31.33 million, or a record $4,562 psf, based upon a Sept 3 sign.

The healthcare facility provider also got a rare medical change of use approval for the level, just where it intends to offer health services. Savills’ Yap indicates that rooms assigned for clinical usage continue to be rare in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with approximately 50% located just within hospital-supported buildings,” she includes. This makes around 1,000 medical units available on the free market.

Savills claimed in a news release that Parkway Hospital’s procurement of the freehold workplace floor coordinates with its development methods. The Tong Property is a quick walk from Mount Elizabeth Health Center, that is owned and operate by IHH Medical care.

“Parkway’s procurement is poised to benefit from the continuous growth and demand in the medical field, reinforcing Orchard Road’s role as a core member in Singapore’s medical care landscape,” states Yap.

The offer was agented by Yap Hui Yee, executive supervisor of financial investment sales and funding markets at Savills Singapore. The 6,867 sq ft strata office floor was offered to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed exclusive medicine and health company IHH Healthcare.