Sale of Tong Building floor to Parkway Hospitals solidifies Orchard Road’s position as medical hub: Savills
Savills said in a press release that Parkway Medical facility’s acquisition of the property office level aligns with its growth plannings. The Tong Establishment is a brief stroll from Mount Elizabeth Hospital, that is owned by IHH Medical care.
According to Savills, the deal hardens Orchard Road’s setting as a hub for health care options, with the consultancy describing the purchasing belt as Singapore’s most extensive clinical center. It includes that Parkway Hospital’s expansion in the place reflects a growing fad of medical organizations increasing right into vital business locations, supported by rising demand for medical services.
Recently, EdgeProp Singapore reported that the entire sixth ground of Tong Building on Orchard Road was fetched $31.33 million, or a record $4,562 psf, based upon a Sept 3 caution.
“Parkway’s acquisition is poised to gain from the continued development and demand in the healthcare field, reinforcing Orchard Road’s part as a core player in Singapore’s healthcare landscape,” says Yap.
The medical facility provider even got an unusual medical adjustment of utilization confirmation for the floor, in which it plans to offer clinical services. Savills’ Yap marks that rooms assigned for clinical purpose continue to be rare in Singapore. “There are less than 2,000 health-related suites in Singapore, with about 50% based inside hospital-supported facilities,” she includes. This remains around 1,000 medical units available on the free market.
The offer was agented by Yap Hui Yee, executive director of investment sales and resources industry at Savills Singapore. The 6,867 sq ft strata office flooring was sold to Parkway Hospitals Singapore, a registered member of Bursa Malaysia-listed exclusive medical service provider IHH Healthcare.
