Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The medical center manager additionally obtained a rare medical modification of utilization permission for the floor, just where it plans to provide health services. Savills’ Yap marks that areas designated for medical purpose continue to be rare in Singapore. “There are less than 2,000 medical suites in Singapore, with approximately 50% located inside hospital-supported properties,” she includes. This leaves around 1,000 health care units available on the open market.
According to Savills, the offer strengthens Orchard Road’s position as a facility for clinical assistances, with the consultancy defining the shopping belt as Singapore’s most extensive clinical center. It includes that Parkway Hospital’s expansion in the place shows a developing fad of medical establishments growing right into crucial business places, sustained by climbing demand for medical services.
“Parkway’s acquisition is poised to benefit from the continuous development and demand in the health-related field, strengthening Orchard Street’s role as a main member in Singapore’s health care scene,” states Yap.
Last week, EdgeProp Singapore declared that the overall sixth ground of Tong Facility on Orchard Roadway was sold for $31.33 million, or a record $4,562 psf, based upon a Sept 3 caveat.
Savills said in a news release that Parkway Hospital’s procurement of the freehold workplace story lines up with its growth strategies. The Tong Property is a short stroll from Mount Elizabeth Hospital, that is operated by IHH Medical care.
The offer was brokered by Yap Hui Yee, managing director of financial 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 nonpublic medical service provider IHH Healthcare.
