Ravi Chandran
Knight Frank announced in March 20 that it is proud to be the sole marketing agent for 18 SBF Center medical suites which are up for sale or lease. The units available for sale or lease range from 678 sq ft to 2,842 sq ft.
Situated within the heart of Central Business District, SBF Center medical suites are well-located to serve a population of about 450,000 office workers and 16,000 residents in the vicinity. The Tanjong Pagar MRT station is also within short walking distance. Built within a 33-storey mixed development, SBF Center houses a total 48 medical suites which span over 3 floors; from the 3rd to 5th storey. A dedicated lift lobby and a direct escalator from the ground floor serves visitors of the medical suites.
“The current tenancy mix includes medical practices such as physiotherapy, cosmetic surgery, chiropractic and others. There is need for dental and other specialist practices to serve the office workers and residents from the nearby condominiums,” says Mary Sai, Executive Director, Investment & Capital Markets.
“Besides polyclinics and government hospitals, some of the medical facilities and services such as health screening, vaccinations and X-rays are provided by doctors in private medical suites. At present, there are about 2,000 private medical suites in Singapore. With a steady flow of medical tourists into Singapore looking for ‘one-stop medical services’, we expect the demand for private medical suites to remain robust”, Mary Sai observes.
As medical suites are classified as commercial properties, foreigners are eligible to purchase this asset class without incurring Additional Buyer’s Stamp Duty as well as Seller’s Stamp Duty. “We expect good response as the average asking rental is affordable at S$7 psf per month and the average asking sale price about S$4,200 psf, subject to negotiation. Recent sale prices of medical suites in the Novena location are about S$7,000 psf, with monthly rental of about S$8 psf to S$9 psf”, Mary adds.
Singapore is one of the fastest aging countries in the world. Estimates from a 2017 United Nations report projects that by 2050, close to half of Singapore’s population is expected to be at least 65 years old. According to the latest Singapore Budget 2019, Singapore’s healthcare spending is projected to increase to S$11.7 billion from $10.6 billion.
This suggests a continued and growing demand for healthcare in the future as the elderly require more medical care. People with common chronic diseases such as diabetes, high-blood pressure etc also require long term management from healthcare professionals.
SBF Center has emerged as a premier commercial development at the heart of Singapore’s Central Business District.
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The sought-after Robinson Road location will benefit from Tanjong Pagar’s transformation into Singapore’s next waterfront city, which hosts a hive of business, commercial and residential activity.
The development’s location is enhanced by easy access to multiple transportation links such as Ayer Rajah Expressway (AYE), East Coast Parkway (ECP) and Marina Coastal Expressway (MCE), with sheltered access to Tanjong Pagar MRT Station (via a covered walkway), and walking distance to the upcoming Shenton Way MRT station along the Thomson-East Coast Line.
SBF Center is a 31-storey commercial building in Singapore with 48 medical suites and 199 offices. Located within the Central Business District, along Robinson Road, it sits in the midst of the prime financial district and is home to the largest cluster of commercial buildings and skyscrapers. Currently, it is estimated that about 400,000 professionals work in the downtown core area. With the numerous residential homes situated in the vicinity and the development of the upcoming Tanjong Pagar Waterfront City, the live-in population in this area is also set to grow from the present 15,500 residents.
- Medical lobby drop-off offers direct lift access to the medical suites on the 3rd, 4th and 5th storeys
- The medical floors have a total gross floor area of 68,082 sq ft
- Unit sizes range from 678 sq ft to 1,302 sq ft, with a possible amalgamated size of up to 13,379 sq ft
- Direct escalator access from the ground floor to the 3rd floor
SBF Center’s sought-after location is enhanced by easy access to multiple transport infrastructures.
The development is in close proximity to Tanjong Pagar MRT Station, a bus stop at its doorstep and served by a well-established road network to ensure easy access to transportation and swift connection to expressways such as the AYE, ECP, and MCE.
SBF Center was awarded BCA Green Mark Platinum for its remarkable green features, which include an energy-efficient cooling and lighting system, and a high thermal performance façade, among others. The development also received other accolades such as Best Green Development in South East Asia and Singapore, and Best Commercial Development (Singapore) at the South East Asia Property Awards 2015.
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