Parkway Hospitals buys floor at Tong Building for $31.33m

This is one of the limited medical units available in the open market.

Parkway Hospitals has bought a floor at Tong Building for $31.33m.

The floor has a medical approval and is located in the vicinity of Mount Elizabeth Hospital and Orchard Road, its broker Savills Singapore said in a press release.

There are fewer than 2,000 medical suites in Singapore, with half located within hospital supported buildings. This leaves around just 1,000 medical units available on the open market, said Yap Hui Yee, executive director, Savills Investment Sales & Capital Markets.

Tong Building has a freehold status, providing it with long-term stability and investment potential, Savills said.

The floor at Tong Building, which comes with a rare medical change of use approval, is ideally suited for Parkway’s expansion, Yap said.

"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. We look forward to seeing the continued transformation and success of this iconic district," she added.