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

According to Savills, the offer solidifies Orchard Road’s position as a centre for health-related services, with the consultancy defining the purchasing belt as Singapore’s largest health care center. It includes that Parkway Hospital’s expansion in the place reflects a progressing fad of health-related organizations increasing right into vital business locations, sustained by increasing need for health services.

Recently, EdgeProp Singapore declared that the full 6th ground of Tong Building on Orchard Roadway was fetched $31.33 million, or a record $4,562 psf, based on a Sept 3 caution.

“Parkway’s purchase is held to gain from the continuous development and demand in the medical market, enhancing Orchard Street’s role as a core player in Singapore’s healthcare scene,” states Yap.

Savills said in a press release that Parkway Hospital’s acquisition of the estate office ground coordinates with its growth methods. The Tong Establishment is a brief stroll from Mount Elizabeth Medical Facility, that is managed by IHH Medical care.

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The deal was agented by Yap Hui Yee, managing supervisor of financial investment sales and funding industry at Savills Singapore. The 6,867 sq ft strata office ground was offered to Parkway Hospitals Singapore, a registered member of Bursa Malaysia-listed nonpublic medicine and health company IHH Healthcare.

The hospital provider also got an uncommon medical modification of usage confirmation for the floor, in which it intends to supply health care support services. Savills’ Yap notes that spaces designated for clinical use remain scarce in Singapore. “There are fewer than 2,000 medical suites in Singapore, with approximately 50% located within hospital-supported properties,” she adds. This makes around 1,000 health care units offered on the free market.