Office Floor Tong Building Sold 3133 Mil Setting New High 4562 Psf
Based on a caveat lodged on September 3, the entire sixth floor of Tong Building on Orchard Road has been sold for $31.33 million. This transaction sets a new record for the highest unit price for an office space in the prime districts of Singapore to date. The buyer, Parkway Hospitals Singapore, a part of Bursa Malaysia-listed private healthcare provider IHH Healthcare, purchased the entire strata office floor which spans 6,867 sq ft. This translates to a whopping unit price of $4,562 psf, which surpasses the previous record set in April 2023 at Solitaire on Cecil in the CBD.Rising prominently at the corner of Orchard Road and Mount Elizabeth, Tong Building is a 19-storey, freehold strata-titled office building that was built in 1978 by TG Development. Its prime location and proximity to the bustling retail and medical hub makes it a coveted address for businesses. Adjacent to the prestigious Paragon shopping mall and with Mount Elizabeth Hospital and Medical Centre just behind it, Tong Building offers its occupants unparalleled convenience and prestige.As reported by property title search, the buyer of the office floor is Parkway Hospitals Singapore. With its existing tenancy in the building, taking up half of the sixth floor, it makes perfect sense for the medical provider to purchase the entire floor. The remaining half is currently occupied by two other medical companies. The interest in the transaction was high and drew a diverse pool of bidders including end-users and family offices, according to Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, who brokered the deal.This sale at Tong Building sets a new benchmark in Singapore’s strata office market, with a record breaking unit price of $4,562 psf. This is considered a significant milestone in Singapore’s real estate history, as stated by Savills’ Yap. It is notable that she was the broker for the previous record set at Solitaire on Cecil in the CBD, when three whole strata floors spanning 37,857 sq ft were sold for an aggregate of $162.8 million, or $4,300 psf, in April 2023. The optimistic outlook for the strata office market is expected to continue as businesses embrace flexibility in workspace solutions and adjust to hybrid work models. Yap believes that the sector’s resilience and ability to meet evolving demands will ensure a promising future for this market.
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