International real estate firm Savills has been appointed by the receiver as the sole agent for the tender sale of Shop F on G/F, the whole floor of 1/F – 4/F and parts of the rooftop, Tai Wah House, Nos. 90 – 94 Prince Edward Road West, Prince Edward and Shop 5 – 6 on G/F and 1/F, Wai Ching Court, Nos. 14 – 42 Wai Ching Street, Jordan. The tender closing date for the above properties is scheduled for February 21, 2025, at noon, and they are being sold with existing tenancies or with vacant possession.
The portion of Tai Wah House for sale has a total gross area of approximately 21,200 square feet, with each floor from the 1/F – 4/F having an area of approximately 5,000 square feet. The property features a wide frontage of approximately 77.6 feet facing Prince Edward Road West and about 61 feet facing Lai Chi Kok Road. Additionally, the property includes an exclusive elevator lobby that provides direct access to 1/F – 4/F. It is currently primarily leased to an elderly care home, which has a licensing capacity of 237 (according to the SWD Elderly Information Website). The property's location is also quite advantageous, just a 3-minute walk from Prince Edward MTR Station and situated alongside a major thoroughfare, making it very accessible.
The portion of Wai Ching Court for sale has a total gross area of approximately 11,600 square feet, with the shop area on G/F being about 1,600 square feet and the entire 1/F measuring approximately 10,000 square feet. The property is currently primarily leased to an elderly care home, which has a licensing capacity of 124 (according to the SWD Elderly Information Website). Additionally, the property features an exclusive lobby that provides direct access to 1/F, with the existing lease extending until 2031 (with option to renew), ensuring stable rental income for the coming years. The property is about a 4-minute walk from Austin MTR Station, making it very convenient for transportation.
Ms. Sharon Fong, Senior Director, Investment at Savills Hong Kong said, “The two elderly care homes in the properties each can accommodate more than 120 residents, making them some of the larger elderly care properties in the area. As the aging population issue in Hong Kong becomes increasingly serious, the demand for elderly homes continues to grow, and the 'elderly market' is both valuable and active. Furthermore, both properties are located in the heart of Kowloon, boasting excellent locations and providing stable rental income, which is expected to attract competitive bidding from investors.”