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

The healthcare facility manager also acquired an uncommon medical change of use confirmation for the level, in which it intends to supply medical assistances. Savills’ Yap marks that rooms designated for clinical use continue to be limited in Singapore. “There are less than 2,000 medical suites in Singapore, with approximately 50% found just within hospital-supported buildings,” she includes. This remains around 1,000 health care units available on the open market.

“Parkway’s acquisition is poised to take advantage of the continued growth and demand in the health-related industry, strengthening Orchard Street’s role as a central member in Singapore’s medical care landscape,” says Yap.

According to Savills, the offer solidifies Orchard Road’s placement as a facility for medical assistances, with the consultancy defining the shopping belt as Singapore’s most extensive medical center. It includes that Parkway Hospital’s expansion in the area reflects a progressing trend of health-related institutions expanding right into essential business locations, assisted by increasing need for health services.

Residence at W condo

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

The deal was agented by Yap Hui Yee, managing director of investment sales and capital markets at Savills Singapore. The 6,867 sq ft strata office floor was offered to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed private medical company IHH Healthcare.

Savills claimed in a press release that Parkway Medical facility’s purchase of the estate workplace ground coordinates with its development plannings. The Tong Establishment is a short walk from Mount Elizabeth Hospital, which is owned by IHH Health care.


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