Eight government properties spanning 2.4 hectares are vacant and could be put on sale after this financial year, according to the Finance Bureau.
The most attractive property would be the former police married quarters in Hollywood Road, Sheung Wan, which became vacant this month.
The 105,500 square foot quarters site could be turned into an 844,000 sq ft residential development, assuming a plot ratio of eight times, surveyors said.
They said the site could fetch a price of more than $1 billion though it is understood the Government would require any purchaser to build a market to replace the Central Market in Queen's Road, Central.
Another attractive site is the 97,000 sq ft former Lingnan College site in Stubbs Road, Mid-Levels. The site has been vacant since November.
Other sites include the 15,500 sq ft former Pearl Island married quarters in Tuen Mun, the 16,700 sq ft Beas Stable in Kam Tsin Chuen, Sheung Shui, and the 11,800 sq ft former South Lantau hospital in Cheung Sha, Lantau.
