Purchasing a condominium in Singapore has emerged as a sought-after option for both domestic and international investors, thanks to the country’s strong economy, stable political environment, and exceptional quality of life. The real estate sector in Singapore offers a plethora of possibilities, with condos standing out for their convenience, facilities, and potential for lucrative returns. This article delves into the advantages, factors to keep in mind, and necessary measures to take when making a condominium investment in Singapore, with a focus on the latest Singapore Projects.
The entirety of the sixth floor of Tong Building, located on Orchard Road, has recently been sold for a whopping $31.33 million, as recorded in a caveat on September 3rd. The strata office floor boasts an impressive 6,867 square feet of space and was sold at a unit price of $4,562 psf, marking the highest ever price paid for an office space in the prime districts of Singapore. The deal, brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, has set a new record for the strata office market in the country.
Tong Building, a freehold strata-titled office building, stands at the corner of prime Orchard Road and Mount Elizabeth and was built in 1978 by TG Development. The prestigious location is home to several notable establishments, including Paragon shopping mall, as well as Mount Elizabeth Hospital and Medical Centre, which are situated just behind the building.
According to a property title search, Parkway Hospitals Singapore is the buyer of the entire sixth floor of Tong Building. Parkway Hospitals Singapore is a part of Bursa Malaysia-listed private healthcare provider IHH Healthcare. The company, which is already a tenant in the building, has purchased the rest of the floor to expand its operations. In addition to this, two other medical companies also occupy the remaining half of the floor.
The prime location of Tong Building, in close proximity to Mount Elizabeth Hospital and Medical Centre, makes it an ideal investment for Parkway Hospitals Singapore. Yap reveals that there had been considerable interest from a diverse pool of bidders, including end-users and family offices.
The sale of the sixth floor at a record-breaking rate of $4,562 psf is a momentous event in Singapore’s strata office market, setting a new benchmark and considered a landmark transaction in the country’s real estate history, according to Yap. Interestingly, she was also the broker for the previous record sale at Solitaire on Cecil in the CBD, where three whole strata floors spanning 37,857 sq ft were sold for an aggregate price of $162.8 million, or $4,300 psf, in April 2023.
Yap predicts that the strata office market will continue to thrive, thanks to the increasing demand for flexible workspace solutions and the rising popularity of hybrid work models. This, coupled with the sector’s resilience and ability to adapt to changing demands, bodes well for the future of the market.