RB Capital to build medical suites in Farrer Park
Banking on Singapore's growing status as a premier medical destination, RB Capital Healthcare announces plans on developing a S$450 million integrated development in Farrer Park.
Situated on a 99year leasehold site located directly above the Farrer Park MRT station, Farrer Square Medical Suites (pictured) will offer 42 purpose-built strata medical units, an 300-room upscale hotel managed by Park Hotel Group and a retail podium on the ground floor. Notably, the site was acquired by RB Capital in April 2012 for slightly over S$151 million or S$1,078.81 per sq ft.
Kishin R K, chief executive officer at RB Capital said: "Year-on-year, Singapore has seen a steady uptrend in the number of medical tourists based on the growing awareness of the excellence, efficiency, effectiveness and high safety standards in healthcare services."
He added that the creation of their fourth business engine, RB Capital Health care, was influenced by the city-state's continuous evolution as a regional healthcare hub.
According to RB Capital, the development is designed by RSP Architects and is directly linked to Farrer Park Hospital at Connexion. It is also within proximity to other major healthcare centres and institutions including KK Women's and Children's Hospital.
The company also noted that buyers of Farrer Square Medical Suites are not subject to Seller's Stamp Duty or Additional Buyer's Stamp Duty (ABSD), and there is no restriction on foreign ownership.
Karamjit Singh, Regional Director at JLL, property consultant and the project's marketing agent, said: "All these years, medical suites were never considered an investment asset class. That is largely due to legal restrictions that do not allow non-doctors from owning most medical suites. Farrer Square Medical Suites, however, presents a rare opportunity for non-doctors to own the units, provided that the occupants are registered medical practitioners."
Unit sizes will range from 500 to 1,000 sq ft with a flexibility to combine units. The project is scheduled for compeletion in early 2017.
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg.
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