CBRE Appointed as Sole Agent for Sale of Site for Elderly Home Headquarter in Kowloon City

CBRE has been appointed as the sole agent for the sale of a rare redevelopment project in the heart of Kowloon City, 349 Prince Edward Road West, via public tender. Situated in a district undergoing rapid urban renewal and revitalization, the property offers an exceptional investment and development opportunity for elderly care operators and forward-thinking investors. The tender deadline is set for Tuesday, 18 August 2026 at 12:00 noon.

Occupying a site area of approximately 6,274 sq. ft., the property is currently a cleared, bare site ready for immediate construction. The project benefits from an approved scheme by Town Planning Board to be redeveloped into an 11-storey Residential Care Home for the Elderly (RCHE) building, including a basement level, featuring two lifts, a lay-by area, and parking spaces. The approved scheme is expected to provide 141 beds with a maximum gross floor area of approximately 31,371 sq. ft.

Conveniently located just an approximately five-minute walk from Sung Wong Toi MTR Station, the project offers excellent accessibility for staff commuting, resident access, and visiting families. Furthermore, its strategic proximity to St. Teresa’s Hospital and other major healthcare facilities further enhances its immense potential as a premium elderly care and healthcare-related development. The project also benefits from the Scheme to Encourage Provision of Residential Care Home for the Elderly (RCHE) in New Private Developments, whereby the construction of an eligible elderly home can exempt the developer from the relevant land premium.

Sam Mock, Executive Director, Capital Markets, CBRE Hong Kong, said: "With Hong Kong's ageing population continuing to drive demand for quality elderly care facilities, this site presents a compelling opportunity for operators and investors alike. Benefiting from an approved scheme for an elderly care home development, the property allows purchasers to significantly shorten the planning timeline and expedite project delivery. Its strategic location, within walking distance of Sung Wong Toi MTR Station and in close proximity to major medical facilities, further enhances its appeal for premium elderly care and healthcare-related uses. Coupled with the incentives available under the Scheme to Encourage Provision of Residential Care Home for the Elderly Premises in New Private Developments, we expect strong interest from elderly care operators, healthcare providers and long-term investors seeking a rare development opportunity in urban Kowloon."*

For further information regarding this property details, please contact Derek Li, Senior Manager (Tel: +852 9108 1669 | E-314234), or Sam Mock, Executive Director (Tel: +852 9013 3319| E-106477), Capital Markets, CBRE Hong Kong.

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Property Advertising Number: CBRE-CM-ADV-5709