TODAY'S HEADLINE  
FAR EAST SETTING UP SCOTTS MEDICAL CENTER  
Far East Organization is launching a 36,000 square foot medical centre which is slated to open its doors at Paci'c Plaza next year. The upcoming medical centre will cover 'oors six to twelve of Paci'c Plaza, o'ering 44 medical suites spanning a total lettable area of 36,000 sq  ft  over the seven levels. Meanwhile, the existing retail component on the lower 'oors is expected to remain intact.

While Far East, which has a healthcare portfolio that includes Novena Medical Center and Novena Specialist Center, said that rental prices for the suites at Scotts Medical Center were as yet unavailable, BT understands that it could be looking to charge in the region of $15 per square foot (psf). Far East is said to be trying for a mix of di'erent specialties, including aesthetics and traditional chinese medicine.

"The healthcare property sector is an area of strategic interest for Far East Organization. With high standards of medical practice and a healthcare infrastructure ranked fourth in the world, Singapore continues to cement its position as a trusted destination for medical services as it gears up to address the needs of a growing and ageing population," said Ms Chong, chief operating o'cer (corporate real estate business group) of Far East, commenting on the factors driving Far East's bullishness on the healthcare sector.

"Increasing a'uence here and in the region, combined with the rise of chronic medical conditions, will lead to increasing demand for higher standards of healthcare services and consequently, demand for healthcare infrastructure and real estate."

Knight Frank's group managing director Danny Yeo point out that while Paci'c Plaza is a good quality building with a downtown location, it may take a little more time to build up compared to other medical centres which are situated directly next to a hospital such as Lucky Plaza or Paragon, both a stone's throw from Mount Elizabeth.   However, he went on to stress that if Scotts Medical Center caters largely to specialties such as sports medicine, wellness or aesthetics, it may not require much in the way of healthcare facilities.

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Source: The Business Times

Source: AmFraser