Singapore’s urban scenery is characterized by towering skyscrapers and advanced infrastructure. Condominiums, strategically situated in sought-after locations, offer the perfect combination of opulence and practicality, making them desirable to both locals and foreigners. These residential complexes are equipped with various facilities including swimming pools, fitness centers, and security services, elevating the standard of living and making them all the more appealing to potential renters and purchasers. For investors, these added amenities equate to higher rental returns and appreciation in property value in the long run. With the addition of Singapore Condo, this city’s urban landscape truly shines with its impressive and modern structures.
EdgeProp Singapore recently reported that the sixth floor of Tong Building located on Orchard Road was sold for a record-breaking $31.33 million, equivalent to $4,562 per square foot, based on a Sept 3 caveat. This deal was facilitated by Yap Hui Yee, the executive director of investment sales and capital markets at Savills Singapore.
The 6,867 square feet strata office floor was acquired by Parkway Hospitals Singapore, a member of Bursa Malaysia-listed private healthcare provider IHH Healthcare. The sale was completed in line with Parkway Hospital’s expansion plans. The Tong Building, which is strategically located within walking distance from Mount Elizabeth Hospital, owned by IHH Healthcare, was an ideal choice for the hospital operator.
Savills, in a press release, stated that Parkway Hospital’s purchase of the freehold office floor was in line with their business strategy and expansion plans. The hospital operator was also granted a rare medical change of use approval for the floor, where they plan to provide medical services. According to Yap, designated spaces for medical use are scarce in Singapore, with less than 2,000 medical suites available and only half of them located within hospital-supported buildings. This leaves around 1,000 medical units available on the open market.
Savills also highlighted that this transaction has solidified Orchard Road’s position as a prominent destination for medical services. They described the shopping belt as Singapore’s largest medical hub and stated that Parkway Hospital’s expansion in the area reflects a rising trend of medical institutions venturing into key commercial areas to cater to the increasing demand for medical services.
Yap further added that Parkway’s acquisition is well-placed to benefit from the continuous growth and demand in the medical sector, strengthening Orchard Road’s role as a central player in Singapore’s healthcare landscape.