The market, opposite the Hang Seng Bank headquarters in Central, will be a valuable lot when redeveloped.

Several possible sites have been suggested by the Government to accommodate the new Central Market.

They include the Hollywood Road police staff quarters site, the Cochrane Street site and the existing site in Queen's Road Central.

According to the Urban Services Department, the Hollywood Road police staff quarters site is favoured by various government departments, including the Transport Department and Environmental Protection Department.

The site can be available soon because the police quarters will be moved to Chai Wan and the vacated site will soon be disposed of for residential development, says the Urban Services Department in a report to council members.

In the long term, the Hollywood Road site compares favourably with the other sites, in Cochrane Street and Sam Ka Lane, because expansion of the central business district will result in replacement of residential buildings around the latter two sites by commercial development.

But the location is not welcomed by stallholders, who prefer the Cochrane Street site and the existing site in Queen's Road.

Lam Yiu-tong, assistant director of the Urban Services Department's planning and development division, said the existing site in Queen's Road Central was not recommended by the department.

Various government departments said the Cochrane Street site was not suitable for the Central Market because it was too small.

Mr Lam said some Urban Council members had suggested the site should be enlarged by acquiring adjoining private property in Gage Street. But it was highly unlikely that the Government would agree to acquire the land.

Mr Lam said the progress of Central Market redevelopment would be delayed if a site was not identified.