SINGAPORE – – Knight Frank is proud to be the sole marketing agent for 18 medical suites in SBF Center which are up for sale or lease. The units are 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 of 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 a 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 a 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 a monthly rental of about S$8 psf to S$9 psf”, Mary adds.
Singapore is one of the fastest ageing 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.