INTEGRATED Health Information Systems (IHiS), the health-technology agency for Singapore’s public healthcare network, and a few related entities, are said to be leasing about 250,000 sq ft of business park space at the Elementum project in one-north.

The Business Times understands that the bulk of this space – around 200,000 sq ft – will be for IHiS, which is a fully-owned subsidiary of MOH Holdings, the holding company of Singapore’s public healthcare clusters.

IHiS currently operates out of Mapletree Industrial Trust : ME8U -0.84%’s property at 6 Serangoon North Avenue 5. Elementum is expected to be completed in the fourth quarter of this year, which will be timely for the company as its lease in the Serangoon North building ends around Q1 2024, say market observers.

The related entities also in the MOH Holdings stable that will be joining IHiS at Elementum will be relocating from the HarbourFront area, BT understands.

Elementum, a 12-storey project near Buona Vista MRT station, will have 312,000 sq ft of business park space, 50,000 sq ft of offices and 10,000 sq ft of retail space. It is in the Biopolis precinct of the one-north district.

Over 80% of Elementum leased or in advanced talks

Talk in the market is that Elementum’s developer, Ho Bee Land : H13 -0.84%, has either leased or is in advanced negotiations for more than 80 per cent of the project’s overall lettable area of 372,000 sq ft.

The mainboard-listed group is developing the project on a 60-year leasehold site awarded in March 2020 by JTC Corporation. Ho Bee’s S$223.6 million winning bid in the concept-and-price tender worked out to S$502 per square foot per plot ratio.

Market watchers estimate that IHiS and related entities would be paying a gross effective monthly rental of S$6-plus per square foot (psf) at Elementum. As anchor tenants, they would have negotiated a preferential rental. Smaller tenants who lease the balance of the business park space can be expected to pay closer to S$7 psf a month, or even higher.

BT recently reported that the asking monthly rent for Elementum is S$7.20 psf for the business park space and S$8.50 psf for the offices.

Cushman & Wakefield is the sole leasing agent appointed by the landlord for the business park and office space in the development. Industry watchers suggest that another property agency is likely to have acted for IHiS/MOH Holdings in the leasing deal.

IHiS supports users in Singapore’s public healthcare sector, harnessing health-technology domains such as artificial intelligence, telemedicine, electronic health records and digital health applications, based on information from its website.

Elementum is adjacent to Ho Bee’s office asset The Metropolis, completed in 2013.