Triumph heir buys Hong Kong Central shop for HK$21.4 million

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

A Central retail shop held by local developer Hip Shing Hong for 55 years has been sold to an heir of Swiss underwear maker Triumph, according to Land Registry data.

The transaction involved a ground-floor shop at Arbuthnot House, 10-12 Arbuthnot Road, Central.

The property has a gross area of about 1,474 square feet and was sold for HK$21.4 million late last month, the data showed.

That works out to HK$14,518 per square foot.

A long-held Central property changes hands

The sale marks a rare move involving a local developer disposing of a retail asset it had held for more than 50 years.

Hip Shing Hong had owned the shop for 55 years before the transaction, according to the source.

Analysts described the deal as “highly unusual”, while the Land Registry data identified the buyer as an heir of the Swiss underwear maker Triumph.

The identity of the heir was not provided in the source material.

International capital in local retail

The transaction is notable because the use of international capital to acquire local retail assets in Hong Kong is uncommon.

Triumph International did not immediately respond to a request for comment from the South China Morning Post.

The shop is currently leased to the private members’ club Salon No. 10.

The sale therefore combines a long-held local retail property, an overseas-linked buyer and an existing private-club tenancy in a transaction that analysts have characterised as unusual.

Source: South China Morning Post