Strong bidding is expected for a residential property on the Peak that is being sold by public tender for an estimated $600 million. The Gough Hill Road property was formerly owned by the Federal Republic of Germany to house its consulate staff. Late last year, the German Government invited tenders for the property at a minimum price of 46.1 million deutschemarks (about HK$209.75 million). It sold to the highest, but unidentified bidder. Taking advantage of the surge in the luxury market this year, the new owner wants to profit by inviting potential developers or interested parties to submit tenders by noon, June 11. First Pacific Davies (Hong Kong) has been appointed agent for the tender. 'With an area of over 72,640 square feet, we believe the property is the largest plot available on the Peak,' First Pacific executive director Raymond Ho said. 'The property will attract substantial interest from local and overseas developers.' He said the property, comprising of two single houses with gardens, has redevelopment potential to build detached houses or a six-storey luxury apartment block. With a plot ratio of 0.5 allowed on the Peak, the site is believed to provide a gross floor area of 36,312.5 sq ft. Mr Ho said taking into account the transacted price of luxury residential sites on the Peak, the accommodation value of the site is expected to be $20,000 per square foot.