Sale Tong Building Floor Parkway Hospitals Solidifies Orchard Road%E2%80%99S Position Medical Hub Savills
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On Sept 3, Parkway Hospitals Singapore, a member of Bursa Malaysia-listed private healthcare provider IHH Healthcare, acquired the entire sixth floor of Tong Building on Orchard Road for $31.33 million, setting a record at $4,562 per square foot.The sale was facilitated by Savills Singapore’s executive director of investment sales and capital markets, Yap Hui Yee. The 6,867 square feet strata office floor, which holds property title, was confirmed through a Sept 3 caveat. The location of the office floor, a prime spot on Orchard Road, was a significant factor in the high selling price.Read also: Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong BuildingParkway Hospitals’ decision to acquire the floor aligns with their expansion plans, as mentioned in a press release by Savills. The Tong Building is within walking distance of Mount Elizabeth Hospital, also operated by IHH Healthcare. The hospital operator was also granted a rare medical change of use approval for the floor, with plans to utilize it for medical services. According to Yap, the availability of designated spaces for medical use in Singapore remains scarce, with less than 2,000 medical suites in the country. Additionally, around half of these units are located within hospital-supported buildings, leaving only approximately 1,000 units on the open market.Leveraging Savills’ expertise, the sales transaction further establishes Orchard Road as a key hub for medical services. In fact, the shopping district is currently the largest medical hub in Singapore, with a growing trend of medical institutions expanding into key commercial areas. This is backed by a rising demand for medical services, making Orchard Road’s selection of medical facilities even more appealing to investors.”Parkway’s acquisition comes at a time when the medical sector is experiencing continuous growth and demand, further solidifying Orchard Road’s role as a vital player in Singapore’s healthcare landscape,” explains Yap.