Three residential sites worth about $12 billion will go under the hammer today - the last government land auction before the handover and the first this financial year. They included a 570,492 square foot site in Wong Ma Kok Road, Stanley, a 79,675 sq ft lot in Wan Hoi Street, Hunghom, and a 24,111 sq ft lot in Cheung Fu Street, Cheung Sha, on Lantau Island. Surveyors expected the Stanley and Hunghom sites to generate strong interest from major developers. They said the Stanley site should sell for between $6.4 billion and $7.3 billion and the Hunghom site for between $4 billion and $5 billion. Cheung Kong (Holdings) has said it to bid as a team with affiliate Hutchison Whampoa. Swire Properties, Hang Lung Development, Citic Pacific, Sun Hung Kai Properties and Guoco Land also declared their interest in bidding. The Stanley site provides for buildings of not more than three storeys and involves maximum gross floor area of 428,880 sq ft. Analysts said it was the most valuable because more than 100 luxury detached houses could be built.