Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
According to Savills, the deal strengthens Orchard Road’s position as a centre for health care options, with the consultancy defining the shopping region as Singapore’s biggest medical center. It adds that Parkway Hospital’s development in the area shows a growing trend of medical institutions increasing into key business areas, assisted by climbing need for medical services.
Savills said in a news release that Parkway Hospital’s procurement of the property workplace level lines up with its growth plannings. The Tong Property is a short stroll from Mount Elizabeth Hospital, which is owned and operate by IHH Medical care.
Last week, EdgeProp Singapore disclosed that the whole 6th ground of Tong Structure on Orchard Road was yielded $31.33 million, or a record $4,562 psf, based upon a Sept 3 sign.
“Parkway’s procurement is held to gain from the continuous growth and demand in the healthcare sector, reinforcing Orchard Street’s part as a main member in Singapore’s medical care scene,” states Yap.
The deal was agented by Yap Hui Yee, managing supervisor of financial investment sales and capital markets at Savills Singapore. The 6,867 sq ft strata office ground was offered to Parkway Hospitals Singapore, a registered member of Bursa Malaysia-listed private healthcare company IHH Healthcare.
The medical center operator additionally acquired an uncommon medical modification of usage permission for the story, in which it plans to offer clinical support services. Savills’ Yap notes that areas assigned for medical purpose continue to be rare in Singapore. “There are less than 2,000 health-related suites in Singapore, with about 50% found within just hospital-supported facilities,” she adds. This makes around 1,000 health care units offered on the open market.
