Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
The medical center manager also acquired a rare medical change of use authorization for the story, where it plans to supply health care assistances. Savills’ Yap marks that areas assigned for clinical usage stay rare in Singapore. “There are less than 2,000 medical suites in Singapore, with approximately 50% found just within hospital-supported premises,” she includes. This leaves around 1,000 medical units available on the free market.
“Parkway’s procurement is stood to gain from the ongoing development and demand in the healthcare sector, enhancing Orchard Street’s part as a core player in Singapore’s health care landscape,” claims Yap.
The deal was agented by Yap Hui Yee, executive director of financial investment sales and capital 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 provider IHH Healthcare.
According to Savills, the deal solidifies Orchard Road’s position as a centre for health-related assistances, with the consultancy defining the purchasing belt as Singapore’s largest health care hub. It includes that Parkway Hospital’s development in the place mirrors a growing trend of health-related institutions expanding right into essential business places, sustained by increasing demand for health services.
Last week, EdgeProp Singapore declared that the whole sixth level of Tong Structure on Orchard Road was fetched $31.33 million, or a report $4,562 psf, based upon a Sept 3 sign.
Savills said in an announcement that Parkway Hospital’s procurement of the estate workplace level lines up with its expansion plannings. The Tong Property is a brief walk from Mount Elizabeth Hospital, that is operated by IHH Health care.
