Confidence in the property market faces another test today with the auction of two government sites, the first this financial year. All eyes will be on a 23,680-square-foot commercial site at Peking Road, Tsim Sha Tsui, which is tipped to sell for between $990 million and $1.4 billion. Also going under the hammer is a 33,025-sq-ft residential-commercial site in Sheung Shui, which will provide a floor area of 196,400 sq ft if the plot ratio of six times is allowed. Analysts said the average price of the site would be from $1,500 to $1,950 per sq ft, equating to a sale price of between $270 million and $383 million. They said the auction would be another barometer of the property market's strength following last week's tender of the Leighton Hill residential site, which was sold to Sun Hung Kai Properties at the high-end of $3.61 billion. That tender was counted in the previous financial year's quota. The Peking Road site, with a floor area of 284,172 sq ft, is expected to be transformed into a Ginza-style retail development with space for serviced apartments. Analysts believe the site will attract potential bidders such as SHKP and Wharf (Holdings), which have a presence in the area.