Police said they have arrested one man and recovered all 20 watches taken in an armed robbery in Tsim Sha Tsui on Monday.

Officers said two other suspects are still at large.

The luxury watches have a total price tag of HK$3.7 million.

Police said three people staged the robbery at a luxury goods store on Canton Road before 4pm and fled in a car.

Superintendent Alan Chung said in a briefing that a man was caught near Fei Ngo Shan about an hour and a half later.

"After further investigation, we found a backpack in the woodland of Fei Ngo Shan that contained the 20 watches lost in the robbery. In other words, we have recovered all the stolen items from this case," Chung said.