Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
Tong Building is a 19-storey, freehold strata-titled office complex at the edge of prime Orchard Roadway and Mount Elizabeth. It was constructed in 1978 by TG Development. Next door is Paragon shopping center, and Mount Elizabeth Hospital and Medical Centre are behind it.
Furthermore, she dealered the former high at Solitaire on Cecil in the CBD. It was for 3 whole strata levels extending 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The three storeys were sold for a total of $162.8 million, or $4,300 psf, in April 2023.
The whole 6th floor of Tong Building on Orchard Street was offered for $31.33 million, based upon a warning on September 3. The whole strata office level takes up a section of 6,867 sq ft. The acquisition cost shows a unit price of $4,562 psf, which is the greatest psf price for an office space in the top areas to day. Yap Hui Yee, executive supervisor of investment sales and resources markets at Savills Singapore, agented the agreement.
According to Yap, there was significant interest from a varying pool of prospective buyers, featuring end-users and home offices.
Yap expects the strata office marketplace to continue its upward trajectory. “With businesses significantly looking for adaptable office solutions and modifying to hybrid job systems, strata offices are coming to be more appealing than ever,” she states. “The resilience of the field and its capacity to fulfill changing need imply a promising outlook for the future.”
According to a property title quest, Parkway Hospitals Singapore was the purchaser of the office level at Tong Building. Parkway Hospitals Singapore belongs to Bursa Malaysia-listed private healthcare specialist IHH Healthcare. The medical vendor is an existing lessee in the facility, taking up half of the sixth level. The other fifty percent of the ground is taken up by 2 various other health care companies.
It works for Parkway Hospitals to purchase the entire 6th level of Tong Building, provided its proximity to Mount Elizabeth Hospice and Medical Centre, that is simply a short walk up the route.
The $4,562 psf for the 6th ground of Tong Building is “a record-breaking price in psf terms, establishing a new benchmark in Singapore’s strata office industry,” says Savills’ Yap. She takes into account the agreement “a landmark operation in Singapore’s realty record”.
