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

Last week, EdgeProp Singapore disclosed that the full sixth ground of Tong Facility on Orchard Road was yielded $31.33 million, or a report $4,562 psf, based upon a Sept 3 caveat.

The medical center manager additionally got an unusual medical adjustment of use permission for the floor, in which it intends to offer medical support services. Savills’ Yap notes that rooms marked for medical use remain scarce in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with around 50% found within just hospital-supported premises,” she adds. This remains around 1,000 health care units available on the free market.

According to Savills, the deal hardens Orchard Road’s position as a facility for health-related options, with the consultancy describing the purchasing district as Singapore’s biggest clinical hub. It adds that Parkway Hospital’s development in the area reflects a developing fad of health-related institutions expanding right into vital business places, sustained by rising need for medical services.

“Parkway’s purchase is stood to take advantage of the continuous development and demand in the health-related industry, enhancing Orchard Street’s part as a core participant in Singapore’s health care landscape,” claims Yap.

Savills claimed in a press release that Parkway Medical facility’s purchase of the property office ground coordinates with its growth plannings. The Tong Establishment is a quick walk from Mount Elizabeth Hospital, that is operated by IHH Health care.

The bargain was brokered by Yap Hui Yee, managing director of investment sales and capital industry at Savills Singapore. The 6,867 sq ft strata office ground was marketed to Parkway Hospitals Singapore, an affiliate of Bursa Malaysia-listed nonpublic healthcare provider IHH Healthcare.

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