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

The medical center manager also got an unusual medical change of utilization confirmation for the floor, just where it means to offer medical support services. Savills’ Yap indicates that spaces designated for medical usage remain limited in Singapore. “There are less than 2,000 medical suites in Singapore, with roughly 50% located inside hospital-supported properties,” she adds. This remains around 1,000 medical units available on the open market.

According to Savills, the deal hardens Orchard Road’s position as a hub for health-related assistances, with the consultancy defining the shopping belt as Singapore’s most extensive medical hub. It adds that Parkway Hospital’s expansion in the area mirrors a developing fad of health-related organizations increasing into vital commercial places, maintained by rising need for medical services.

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Last week, EdgeProp Singapore showed that the whole sixth level of Tong Structure on Orchard Road was yielded $31.33 million, or a report $4,562 psf, based upon a Sept 3 sign.

The offer was brokered by Yap Hui Yee, executive supervisor of financial investment sales and capital industry at Savills Singapore. The 6,867 sq ft strata office floor was sold to Parkway Hospitals Singapore, a registered member of Bursa Malaysia-listed private healthcare company IHH Healthcare.

Savills said in a press release that Parkway Hospital’s procurement of the freehold workplace level lines up with its expansion strategies. The Tong Establishment is a quick walk from Mount Elizabeth Hospital, which is operated by IHH Health care.

“Parkway’s acquisition is poised to benefit from the continued development and demand in the medical market, enhancing Orchard Street’s part as a core member in Singapore’s healthcare landscape,” states Yap.