PEARL Oriental Holdings has agreed to sell a Tsim Sha Tsui shop to City Chain, the watch retail chain of Stelux Holdings, for $73 million.

Pearl said it would make a profit of about $40 million from the sale. The proceeds would be earmarked for other property projects.

Pearl said the price valued the 600 square foot shop at $120,000 per sq ft, making the offer the highest for a Kowloon shop in sq ft terms.

The shop is currently rented to City Chain for $425,000 a month.