Press release
Ovolo Central, No. 2 Arbuthnot Road, Central for Sale, CBRE Appointed as Sole Agent via Binding Bid Submission
June 11, 2025
Media Contact
Christine Tai
Associate Director, Marketing & Communications, Hong Kong
CBRE has been appointed as the Sole Agent by the Vendor to dispose of Ovolo Central, No. 2 Arbuthnot Road, Hong Kong (the “Property”). Conveniently located directly opposite Tai Kwun, the Property is for sale via a sealed-bid process on as-is basis with both vacant possession or sale-and-leaseback options available. The deadline for offer submission is set for 12 noon on Thursday, July 3, 2025.
The Property is situated on a site of approximately 1,748 square feet, with an approved gross floor area of approximately 26,202 square feet. Completed in 1995 and standing 25-stories tall, each typical floor has an area of around 1,050 square feet. Originally developed as an office building, subsequently licensed and converted into a serviced apartment in 2003, and finally into a full-service premium guesthouse since 2011, the Property is tastefully decorated and designed featuring a total of 41 guest rooms, with sizes ranging from approximately 355 square feet to a whole-floor 710 square feet suite across three distinct room categories with an amenity floor and dual level retail premises accessible via both the Centrium steps and Arbuthnot Road. Advantageously located in Central within walking distance of prime tourist and business destinations such as SoHo, Lan Kwai Fong, Tai Kwun, Landmark and the Central MTR, the Property stands out as a premium boutique offering within the Central CBD and Hong Kong’s most vibrant entertainment, nightlife and culinary hotspots.
Recent significant reductions in bank interest rates have brought on a surge in transactions for commercial properties. These include prime office buildings in Central, such as the top floor of No. 9 Queen's Road Central, which sold for HK$26,838 per square foot in May. En-bloc listings and transactions in the core Central area are rare, with recent sales being the entire building at No. 152 Queen's Road Central, which was sold for HK$1.08 billion earlier this year, translating to HK$17,866 per square foot based on plot ratio gross floor area and the entire building of No. 26 D’Aguilar Street which sold for approx. HK$75 million in April, translating to HK$16,580 per square foot based on gross floor area. In the hotel sector, the most recent transaction was for a guesthouse at No. 286 Queen's Road Central, which was sold for HK$320 million in early 2024, with a price of HK$12,393 per square foot based on plot ratio gross floor area with the featured Property expected to garner interest at a similar level.
Frederick Lai, Senior Director of Capital Markets at CBRE Hong Kong, commented: “En-bloc properties for sale in Central are historically rare, making this a truly exceptional and premium offering. Opportunities like this are seldom seen in the market, especially at current cyclical lows. This property represents not only a remarkable investment opportunity with significant capital appreciation potential but also a chance to own a trophy asset that can be passed down through generations as part of a distinguished property portfolio.”
Macro Liao, Senior Manager of Hotels & Hospitality at CBRE Asia Pacific, said: “Ovolo Central is the only premium short-stay accommodation currently available for sale in the vibrant entertainment hub of Central Hong Kong, making this an exceptionally rare opportunity for both owner-operators and investors. Nestled in a prime location, this boutique accommodation offers easy access to iconic attractions, vibrant nightlife, and a thriving dining scene, appealing to both leisure and business travelers. The last similar transaction in this area occurred in 2018, when No. 31 Wyndham Street sold for approximately HK$28,000 per square foot and HK$22.7 million a key. Given the growing demand for premium accommodations in this prime location, Ovolo Central represents a strategic investment in a market with limited supply and significant potential for appreciation.”
For any enquiries regarding this Property, please contact Frederick Lai, Senior Director, Capital Markets (tel: +852 9194 5323) or Macro Liao, Senior Manager, Hotels & Hospitality Asia Pacific (tel: +852 6340 7777), CBRE.
Property Advertising Number: CBRE-CM-ADV4770
The Property is situated on a site of approximately 1,748 square feet, with an approved gross floor area of approximately 26,202 square feet. Completed in 1995 and standing 25-stories tall, each typical floor has an area of around 1,050 square feet. Originally developed as an office building, subsequently licensed and converted into a serviced apartment in 2003, and finally into a full-service premium guesthouse since 2011, the Property is tastefully decorated and designed featuring a total of 41 guest rooms, with sizes ranging from approximately 355 square feet to a whole-floor 710 square feet suite across three distinct room categories with an amenity floor and dual level retail premises accessible via both the Centrium steps and Arbuthnot Road. Advantageously located in Central within walking distance of prime tourist and business destinations such as SoHo, Lan Kwai Fong, Tai Kwun, Landmark and the Central MTR, the Property stands out as a premium boutique offering within the Central CBD and Hong Kong’s most vibrant entertainment, nightlife and culinary hotspots.
Recent significant reductions in bank interest rates have brought on a surge in transactions for commercial properties. These include prime office buildings in Central, such as the top floor of No. 9 Queen's Road Central, which sold for HK$26,838 per square foot in May. En-bloc listings and transactions in the core Central area are rare, with recent sales being the entire building at No. 152 Queen's Road Central, which was sold for HK$1.08 billion earlier this year, translating to HK$17,866 per square foot based on plot ratio gross floor area and the entire building of No. 26 D’Aguilar Street which sold for approx. HK$75 million in April, translating to HK$16,580 per square foot based on gross floor area. In the hotel sector, the most recent transaction was for a guesthouse at No. 286 Queen's Road Central, which was sold for HK$320 million in early 2024, with a price of HK$12,393 per square foot based on plot ratio gross floor area with the featured Property expected to garner interest at a similar level.
Frederick Lai, Senior Director of Capital Markets at CBRE Hong Kong, commented: “En-bloc properties for sale in Central are historically rare, making this a truly exceptional and premium offering. Opportunities like this are seldom seen in the market, especially at current cyclical lows. This property represents not only a remarkable investment opportunity with significant capital appreciation potential but also a chance to own a trophy asset that can be passed down through generations as part of a distinguished property portfolio.”
Macro Liao, Senior Manager of Hotels & Hospitality at CBRE Asia Pacific, said: “Ovolo Central is the only premium short-stay accommodation currently available for sale in the vibrant entertainment hub of Central Hong Kong, making this an exceptionally rare opportunity for both owner-operators and investors. Nestled in a prime location, this boutique accommodation offers easy access to iconic attractions, vibrant nightlife, and a thriving dining scene, appealing to both leisure and business travelers. The last similar transaction in this area occurred in 2018, when No. 31 Wyndham Street sold for approximately HK$28,000 per square foot and HK$22.7 million a key. Given the growing demand for premium accommodations in this prime location, Ovolo Central represents a strategic investment in a market with limited supply and significant potential for appreciation.”
For any enquiries regarding this Property, please contact Frederick Lai, Senior Director, Capital Markets (tel: +852 9194 5323) or Macro Liao, Senior Manager, Hotels & Hospitality Asia Pacific (tel: +852 6340 7777), CBRE.
Property Advertising Number: CBRE-CM-ADV4770
About CBRE Group, Inc
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.