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 6th level of Tong Building is “a record-breaking price in psf terms, setting a new benchmark in Singapore’s strata workplace market,” claims Savills’ Yap. She factors in the agreement “a landmark transaction in Singapore’s realty record”.
The entire sixth level of Tong Building on Orchard Road was sold for $31.33 million, based on a caveat on September 3. The entire strata office floor occupies an area of 6,867 sq ft. The purchase price shows a unit cost of $4,562 psf, which is the highest psf price for an office space in the top districts to day. Yap Hui Yee, executive director of financial investment sales and resources markets at Savills Singapore, serviced the transaction.
Furthermore, she brokered the previous high at Solitaire on Cecil in the CBD. It was for 3 entire strata levels extending 37,857 sq ft at the 20-storey, freehold Solitaire on Cecil in the CBD. The 3 storeys were sold for an aggregate of $162.8 million, or $4,300 psf, in April 2023.
According to a property title quest, Parkway Hospitals Singapore was the investor of the office floor at Tong Building. Parkway Hospitals Singapore belongs to Bursa Malaysia-listed exclusive healthcare specialist IHH Healthcare. The medical vendor is a continuing occupant in the facility, covering half of the sixth storey. The other fifty percent of the ground is taken up by two various other health-related business.
It works for Parkway Hospitals to purchase the entire sixth floor of Tong Building, offered its distance to Mount Elizabeth Medical Facility and Medical Centre, which is just a short walk up the road.
According to Yap, there was substantial attraction from a varying pool of prospective buyers, consisting of end-users and family offices.
Tong Property is a 19-storey, freehold strata-titled office building at the edge of prime Orchard Roadway and Mount Elizabeth. It was constructed in 1978 by TG Development. Next door is Paragon shopping mall, and Mount Elizabeth Hospital and Medical Centre are causing it.
Yap assumes the strata office marketplace to proceed its higher trajectory. “With companies significantly looking for versatile work area resolutions and adapting to hybrid work systems, strata workplaces are turning into more appealing than ever before,” she mentions. “The strength of the sector and its capability to satisfy evolving requirement imply a promising outlook for the future.”
