Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The healthcare facility operator also got an uncommon medical modification of utilization authorization for the level, just where it plans to give health care services. Savills’ Yap marks that rooms designated for medical use stay scarce in Singapore. “There are less than 2,000 health-related suites in Singapore, with around 50% based within just hospital-supported buildings,” she adds. This makes around 1,000 health care units offered on the open market.
The bargain was brokered by Yap Hui Yee, executive director of investment sales and resources markets at Savills Singapore. The 6,867 sq ft strata office ground was offered to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed exclusive healthcare provider IHH Healthcare.
“Parkway’s acquisition is held to take advantage of the continued growth and demand in the health-related sector, strengthening Orchard Street’s part as a main player in Singapore’s healthcare scene,” claims Yap.
Last week, EdgeProp Singapore disclosed that the overall sixth level of Tong Facility on Orchard Road was yielded $31.33 million, or a report $4,562 psf, based on a Sept 3 caveat.
Savills stated in an announcement that Parkway Medical facility’s purchase of the property workplace floor lines up with its development plans. The Tong Property is a short walk from Mount Elizabeth Hospital, that is owned by IHH Medical care.
According to Savills, the deal strengthens Orchard Road’s setting as a centre for health-related services, with the consultancy defining the shopping belt as Singapore’s largest health care hub. It includes that Parkway Hospital’s development in the place reflects a thriving fad of medical organizations increasing right into vital commercial places, assisted by climbing need for health services.