Most developers have shunned the tender of a commercial car park site in Kowloon Bay, which was up for sale again after an auction fell through in October. Kerry Properties was the only known bidder for the tender which closed for submission yesterday. All other developers contacted said they had not made any offers. The tepid response was expected as developers remain conservative amid the volatile interest-rate environment. The 57,114 square feet site at Wang Tai Road fetched $890 million at the October government auction, but the sale was cancelled immediately after the buyer - a 53-year-old woman - was unable to pay the deposit. Paliburg Holdings, who joined forces with Sino Land Co to bid for the site at last year's auction, said it did not submit a tender yesterday. Sino Land did not comment on the bidding but was believed to have not made an offer. Hing Kong Holdings, which competed for the site up to the last bid in October, was unavailable for comment. Sun Hung Kai Properties said it was not interested. Analysts said the slow bidding was attributable to the property downturn and the pessimistic outlook for the commercial market, especially in decentralised areas. They said banks' cautious lending attitudes also hit the purchasing power of highly geared companies but they expected the site could attract cash-rich firms' interest. Kerry Properties chief financial officer Chew Fook Aun said the company had submitted the tender for the Kowloon Bay site. The project, if awarded, would be mainly financed by internal resources and bank borrowings, Mr Chew said. Kerry Properties is estimated by analysts to have cash on hand of $1.7 billion. Mr Chew said the tender, if awarded, would further boost the company's portfolio in the area. Last month, the company won an industrial-office site with a gross floor area of about 550,000 sq ft in Kowloon Bay at an accommodation value of $202 per square foot at a government tender. Mr Chew did not disclose the bidding price but analysts expected the commercial car park site would sell for much less than it fetched in October. The site provides a floor area of about 685,000 sq ft, including about 570,000 sq ft for office use and a multi-storey car park with about 400 parking spaces.