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

Savills said in an announcement that Parkway Medical facility’s purchase of the property workplace level coordinates with its expansion strategies. The Tong Building is a quick stroll from Mount Elizabeth Healthcare Facility, which is operated by IHH Medical care.

The bargain was brokered by Yap Hui Yee, executive director of financial investment sales and resources industry at Savills Singapore. The 6,867 sq ft strata office ground was sold to Parkway Hospitals Singapore, an associate of Bursa Malaysia-listed private medicine and health service provider IHH Healthcare.

Last week, EdgeProp Singapore reported that the whole sixth ground of Tong Structure on Orchard Road was sold for $31.33 million, or a record $4,562 psf, based upon a Sept 3 caveat.

“Parkway’s purchase is held to benefit from the continuous growth and demand in the healthcare sector, reinforcing Orchard Road’s role as a central member in Singapore’s healthcare landscape,” claims Yap.

The medical facility operator additionally got a rare medical modification of usage authorization for the story, where it intends to offer medical services. Savills’ Yap indicates that rooms assigned for clinical usage stay rare in Singapore. “There are fewer than 2,000 medical suites in Singapore, with around 50% found inside hospital-supported properties,” she adds. This leaves around 1,000 health care units available on the free market.

Grand Dunman showflat location

According to Savills, the deal solidifies Orchard Road’s setting as a hub for health-related services, with the consultancy describing the purchasing belt as Singapore’s largest clinical hub. It includes that Parkway Hospital’s growth in the area shows a progressing fad of health-related organizations expanding right into vital commercial areas, assisted by rising demand for medical services.