Sale Tong Building Floor Parkway Hospitals Solidifies Orchard Road%E2%80%99S Position Medical Hub Savills

Last week, it was reported by EdgeProp Singapore that the entire sixth floor of Tong Building on Orchard Road had sold for $31.33 million, setting a new record of $4,562 per square foot (psf) based on a Sept 3 caveat.Read also: Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong BuildingThis record-breaking deal was brokered by Savills Singapore’s executive director of investment sales and capital markets, Yap Hui Yee. The 6,867 square feet strata office floor was sold to Parkway Hospitals Singapore, a member of Bursa Malaysia-listed private healthcare provider IHH Healthcare.Read also: Parkway Hospitals pays $31.33 mil or a record $4,562 psf for sixth floor office at Tong BuildingAdvertisementAdvertisementAccording to Savills, Parkway Hospital’s purchase of the freehold office floor is in line with its expansion plans. The Tong Building is conveniently located near Mount Elizabeth Hospital, which is also owned by IHH Healthcare.The hospital operator has also obtained a rare medical change of use approval for the floor, where it plans to offer medical services. Yap from Savills highlights that spaces designated for medical use are scarce in Singapore. “There are less than 2,000 medical suites in Singapore, with about 50% located within hospital-supported buildings,” she adds. This leaves around 1,000 medical units available on the open market.Savills states that this deal cements Orchard Road’s position as a hub for medical services and describes the shopping belt as Singapore’s largest medical hub. It also notes that Parkway Hospital’s expansion in this area reflects a growing trend of medical institutions expanding into prime commercial areas, driven by increasing demand for medical services.”Parkway’s acquisition is well-positioned to capitalize on the continual growth and demand in the medical sector, further reinforcing Orchard Road’s role as a key player in Singapore’s healthcare landscape,” says Yap.

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