Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong Building
The $4,562 psf for the sixth ground of Tong Structure is “a record-breaking price in psf terms, setting a brand-new benchmark in Singapore’s strata workplace industry,” states Savills’ Yap. She factors in the agreement “a landmark operation in Singapore’s property history”.
Furthermore, she dealered the past high at Solitaire on Cecil in the CBD. It was for three whole strata levels extending 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The three floors were brought a total of $162.8 million, or $4,300 psf, in April 2023.
According to Yap, there was considerable interest from a different pool of bidders, consisting of end-users and home workplaces.
Blossoms By The Park Singapore
According to a real estate title search, Parkway Hospitals Singapore was the investor of the office level at Tong Building. Parkway Hospitals Singapore belongs to Bursa Malaysia-listed exclusive medical care service provider IHH Healthcare. The medical company is a continuing renter in the facility, taking up half of the sixth floor. The other fifty percent of the floor is taken up by two various other health-related business.
Yap expects the strata office marketplace to proceed its upward trajectory. “With companies increasingly seeking flexible workspace solutions and adapting to crossbreed work systems, strata offices are coming to be more attractive than ever,” she mentions. “The strength of the market and its capability to fulfill progressing requirement imply an appealing expectation for the future.”
Tong Establishment is a 19-storey, freehold strata-titled office complex at the corner of prime Orchard Roadway and Mount Elizabeth. It was built in 1978 by TG Development. Next door is Paragon shopping center, and Mount Elizabeth Hospital and Medical Centre are responsible for it.
The whole sixth level of Tong Property on Orchard Street was retailed for $31.33 million, based upon a caveat on September 3. The entire strata office level utilizes a section of 6,867 sq ft. The purchase cost shows a unit rate of $4,562 psf, which is the maximum psf fee for an office space in the prime sectors to day. Yap Hui Yee, executive supervisor of investment sales and funding markets at Savills Singapore, serviced the deal.
It works for Parkway Hospitals to buy the entire 6th floor of Tong Building, given its distance to Mount Elizabeth Hospital and Medical Centre, which is just a brief walk up the route.
