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

The medical center operator also obtained an uncommon medical adjustment of usage approval for the level, where it intends to provide health support services. Savills’ Yap indicates that spaces marked for clinical usage stay limited in Singapore. “There are fewer than 2,000 health-related suites in Singapore, with around 50% found within just hospital-supported buildings,” she adds. This makes around 1,000 health care units available on the free market.

The deal was brokered by Yap Hui Yee, executive supervisor of investment sales and capital markets at Savills Singapore. The 6,867 sq ft strata office flooring was sold to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed exclusive healthcare provider IHH Healthcare.

According to Savills, the offer strengthens Orchard Road’s placement as a facility for clinical assistances, with the consultancy explaining the purchasing region as Singapore’s largest medical hub. It adds that Parkway Hospital’s expansion in the place shows a developing fad of health-related institutions increasing into key commercial locations, sustained by climbing need for health services.

Blossoms By The Park Singapore

Recently, EdgeProp Singapore disclosed that the full 6th ground of Tong Structure on Orchard Road was brought $31.33 million, or a record $4,562 psf, based upon a Sept 3 caveat.

Savills stated in a news release that Parkway Medical facility’s purchase of the freehold workplace level lines up with its growth methods. The Tong Property is a quick stroll from Mount Elizabeth Medical Facility, that is managed by IHH Healthcare.

“Parkway’s procurement is poised to gain from the continued development and demand in the health-related industry, strengthening Orchard Street’s role as a central member in Singapore’s health care scene,” states Yap.