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

The medical center operator even got a rare medical adjustment of utilization approval for the level, where it intends to supply health services. Savills’ Yap indicates that rooms marked for clinical usage remain rare in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with approximately 50% based just within hospital-supported buildings,” she includes. This makes around 1,000 medical units available on the open market.

Last week, EdgeProp Singapore showed that the whole sixth ground of Tong Building on Orchard Roadway was fetched $31.33 million, or a report $4,562 psf, based upon a Sept 3 sign.

The Arcady @ Boon Keng Singapore

According to Savills, the deal solidifies Orchard Road’s setting as a centre for clinical options, with the consultancy describing the buying belt as Singapore’s most extensive clinical hub. It includes that Parkway Hospital’s development in the place shows a progressing fad of medical institutions broadening right into crucial business places, maintained by increasing demand for medical services.

“Parkway’s procurement is held to gain from the continued development and demand in the health-related field, strengthening Orchard Street’s part as a central member in Singapore’s health care landscape,” states Yap.

The deal was agented by Yap Hui Yee, managing director of investment sales and resources industry at Savills Singapore. The 6,867 sq ft strata office floor was offered to Parkway Hospitals Singapore, an associate of Bursa Malaysia-listed exclusive medical service provider IHH Healthcare.

Savills claimed in a press release that Parkway Hospital’s acquisition of the freehold office ground aligns with its growth plans. The Tong Property is a brief walk from Mount Elizabeth Health Center, that is owned by IHH Health care.