reporter2
30-01-13, 12:09
http://www.businesstimes.com.sg/archive/tuesday/premium/singapore/feb-launch-units-tg-pagar-medical-centre-20130129
Published January 29, 2013
Feb launch for units at Tg Pagar medical centre
Far East eyes long term demand from CBD residences, commercial devts
By Nisha Ramchandani
FAR East Organization is banking on upcoming commercial developments and residences in the CBD area to fuel demand for medical services as it readies to launch 48 units in its Mediplex@SBFCenter for sale next month.
Located near Tanjong Pagar MRT station, the Mediplex@SBFCenter on Robinson Road will occupy the third to fifth levels, with units ranging from 667 sq ft to 1,292 sq ft in size.
Marketing efforts are expected to commence from the middle of next month while the medical centre is slated for TOP by end-2016.
Aside from the medical centre, the SBF Center will feature 197 offices consisting of 192 smaller strata units ranging from 592 to 1,442 sq ft and 10,549 sq ft for five floor plate offices. The Singapore Business Federation (SBF) will relocate its offices as a major tenant and partner.
The medical units in the private healthcare centre are reportedly being marketed at between $3,800 and $4,000 per sq ft (psf) under a 99-year lease.
Medical suites at centres such as Novena Specialist Centre are selling at $4,100 to $4,200 psf, while Mount Elizabeth Medical Centre went at $7,300 psf last October.
"Coupled with the vibrant working population of about 200,000 professionals in the CBD and limited available supply, we see the potential for a dedicated medical suite development to fill the growing demand for medical and healthcare services from both the working and residential population in the heart of the CBD," said Chia Boon Kuah, chief operating officer (property sales) for Far East.
He noted that the Tanjong Pagar area is expected to undergo a transformation in the long term as more residences, hotels, offices and other commercial and lifestyle amenities come onstream.
Far East is targeting specialties such as dentistry, diet & nutrition, licensed traditional Chinese medicine, physiotherapy and others.
"Based on our interactions with doctors, medical practitioners, and medical specialists, we believe there will be demand to own purpose-built medical suites in a dedicated facility within the CBD where there is limited supply of strata-titled units available for sale," added Mr Chia.
According to Alan Cheong, senior director of research & consultancy for Savills, the CBD area will have some 7,500 apartments by 2016, up from 2,600 units today, as new residences come onstream and add to existing ones such as The Sail at Marina Bay and Icon.
Mr Cheong reckons that the area will eventually need 195 clinics to service a population of about 215,000 in time to come - assuming a 200,000 population of office workers and about 15,000 living in the various residences - when there are only about 50 clinics in the vicinity at present.
"The numbers stack up in favour of having more clinics. There's a strong case for a medical specialist centre," Mr Cheong stressed, adding that existing clinics are typically located in office buildings or retail podiums with little space to expand.
Far East, which has a healthcare portfolio that includes Novena Medical Center and Novena Specialist Center, is also setting up another medical centre this year at Pacific Plaza called Scotts Medical Center.
Published January 29, 2013
Feb launch for units at Tg Pagar medical centre
Far East eyes long term demand from CBD residences, commercial devts
By Nisha Ramchandani
FAR East Organization is banking on upcoming commercial developments and residences in the CBD area to fuel demand for medical services as it readies to launch 48 units in its Mediplex@SBFCenter for sale next month.
Located near Tanjong Pagar MRT station, the Mediplex@SBFCenter on Robinson Road will occupy the third to fifth levels, with units ranging from 667 sq ft to 1,292 sq ft in size.
Marketing efforts are expected to commence from the middle of next month while the medical centre is slated for TOP by end-2016.
Aside from the medical centre, the SBF Center will feature 197 offices consisting of 192 smaller strata units ranging from 592 to 1,442 sq ft and 10,549 sq ft for five floor plate offices. The Singapore Business Federation (SBF) will relocate its offices as a major tenant and partner.
The medical units in the private healthcare centre are reportedly being marketed at between $3,800 and $4,000 per sq ft (psf) under a 99-year lease.
Medical suites at centres such as Novena Specialist Centre are selling at $4,100 to $4,200 psf, while Mount Elizabeth Medical Centre went at $7,300 psf last October.
"Coupled with the vibrant working population of about 200,000 professionals in the CBD and limited available supply, we see the potential for a dedicated medical suite development to fill the growing demand for medical and healthcare services from both the working and residential population in the heart of the CBD," said Chia Boon Kuah, chief operating officer (property sales) for Far East.
He noted that the Tanjong Pagar area is expected to undergo a transformation in the long term as more residences, hotels, offices and other commercial and lifestyle amenities come onstream.
Far East is targeting specialties such as dentistry, diet & nutrition, licensed traditional Chinese medicine, physiotherapy and others.
"Based on our interactions with doctors, medical practitioners, and medical specialists, we believe there will be demand to own purpose-built medical suites in a dedicated facility within the CBD where there is limited supply of strata-titled units available for sale," added Mr Chia.
According to Alan Cheong, senior director of research & consultancy for Savills, the CBD area will have some 7,500 apartments by 2016, up from 2,600 units today, as new residences come onstream and add to existing ones such as The Sail at Marina Bay and Icon.
Mr Cheong reckons that the area will eventually need 195 clinics to service a population of about 215,000 in time to come - assuming a 200,000 population of office workers and about 15,000 living in the various residences - when there are only about 50 clinics in the vicinity at present.
"The numbers stack up in favour of having more clinics. There's a strong case for a medical specialist centre," Mr Cheong stressed, adding that existing clinics are typically located in office buildings or retail podiums with little space to expand.
Far East, which has a healthcare portfolio that includes Novena Medical Center and Novena Specialist Center, is also setting up another medical centre this year at Pacific Plaza called Scotts Medical Center.