Central retail shop bought by Swiss heir in ‘rare’ Hong Kong market move
In a rare market move, a long-established local developer sold a Central retail shop that was held for over 50 years to an heir of Swiss underwear maker Triumph, according to data from the Land Registry, a deal analysts have called “highly unusual”. The use of international capital to acquire local retail assets in Hong Kong is uncommon. Triumph International did not immediately respond to a…
In a highly unusual market move, a long-established local developer sold a Central retail shop to an heir of Swiss underwear maker Triumph. The transaction, which involved a ground-floor shop at Arbuthnot House in Hong Kong, occurred for HK$21.4 million, or HK$14,518 per square foot. The shop has been leased to a private club, Salon No. 10, and the previous owner, Associated Builders Corporation Limited, had held the property for 55 years since purchasing it in 1971 for about HK$940,000, making a paper profit of HK$20.46 million.
Analysts have noted that international capital acquiring local retail assets in Hong Kong is uncommon, as locals are more familiar with the market and Chinese investors tend to favor such properties. The new buyer, Aimba Limited, is a descendant of Johann Gottfried Spiesshofer, one of the founders of Triumph International. Experts believe the transaction price is lower than the market price, and the upscale tenant's occupancy is unlikely to be at risk.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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