Central retail shop bought by Swiss heir in ‘rare’ Hong Kong market move

For the first time in over half a century, a long-standing developer in Hong Kong sold a Central retail shop to an heir of Swiss underwear manufacturer Triumph International, marking a highly unusual move in the local market, according to Land Registry records. The ground-floor unit at Arbuthnot House, located at 10-12 Arbuthnot Road, Central, was sold for HK$21.4 million, translating to HK$14,518 per square foot, a deal that analysts found to be quite rare.

The transaction, which occurred late last month, involved the sale of a shop that had been held by Associated Builders Corporation Limited for 55 years, with the company having purchased it for HK$940,000 in 1971. The shop is currently leased to the private members' club Salon No. 10. The new buyer of the property, Aimba Limited, is led by Oliver Michael Spiesshofer, a direct descendant of Johann Gottfried Spiesshofer, one of the founders of Triumph International, and the current CEO and managing partner of the company.

Centaline Commercial, a commercial real estate firm, assisted Hip Shing Hong, the original owner, in the sale of the asset. Hip Shing Hong had primarily focused on rental income and rarely sold properties, but the company is currently restructuring its portfolio and offloading non-core commercial real estate to generate cash for future land acquisitions and development.

The property's location in a high-end consumption area near SoHo and Lan Kwai Fong, coupled with its large floor area and high-quality fit-outs, makes it an attractive buy for the new owner.