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

By Atiqah Mokhtar

/ EdgeProp Singapore |

September 16, 2024 4:34 PM SGT

Parkway Hospitals purchased the sixth floor at Tong Building for $31.33 million or a record $4,562 psf (Picture: Savills)

Last week, EdgeProp Singapore reported that the entire sixth floor of Tong Building on Orchard Road was sold for $31.33 million, or a record $4,562 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 Building

The deal was brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore. The 6,867 sq ft 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 Building

Savills said in a press release that Parkway Hospital’s acquisition of the freehold office floor aligns with its expansion plans. The Tong Building is a short walk from Mount Elizabeth Hospital, which is owned by IHH Healthcare.

The hospital operator also obtained a rare medical change of use approval for the floor, where it intends to provide medical services. Savills’ Yap notes that spaces designated for medical use remain scarce in Singapore. “There are fewer than 2,000 medical suites in Singapore, with approximately 50% located within hospital-supported buildings,” she adds. This leaves around 1,000 medical units available on the open market.

According to Savills, the deal solidifies Orchard Road’s position as a centre for medical services, with the consultancy describing the shopping belt as Singapore’s largest medical hub. It adds that Parkway Hospital’s expansion in the area reflects a growing trend of medical institutions expanding into key commercial areas, supported by rising demand for medical services.

"Parkway’s acquisition is poised to benefit from the continued growth and demand in the medical sector, reinforcing Orchard Road’s role as a central player in Singapore’s healthcare landscape,” says Yap.

Tags:

Tong Building Strata Office Orchard Road

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