The jewel in the crown of the new land disposal programme is expected to be the former Government Supplies Depot in Oil Street, North Point. The 125,950 square foot commercial-residential site, with a developable floor area of 1.32 million sq ft, might fetch $3.98 billion to $4.38 billion, surveyors said. The site, which is on the application list, is one of the most valuable lots on sale and is expected to attract developers. S.K. Pang Surveyors managing director Pang Shiu-kee estimated the site's value at $4.25 billion, or an accommodation value of $3,200 per sq ft, based on a projected selling price of up to $7,000 per sq ft of completed units. 'There are no new large-scale residential estates in the way between Fortress Hill and Quarry Bay, while the existing estates such as City Garden and Provident Centre are all 10 years old or above,' he said. Demand from upgraders would become strong in this situation, Mr Pang said. The former British Military Hospital site at King's Park, estimated at $3.16 billion to $3.6 billion, is described as the rare, large-scale luxury choice of the year. Mr Pang estimated the site's accommodation value at $3,200 per sq ft and believed property on the site could fetch $6,000 to $7,000 per sq ft. Midland Surveyors director Tony Chan expected the site, to be sold by tender next month, to fetch an accommodation value of up to $4,000 per sq ft. He estimated the former Hollywood Road police quarters site, another prime residential lot to sell by tender next February, at $1.48 billion, or an average of $2,800 per sq ft. Meanwhile, Mr Pang expected the four West Kowloon Reclamation residential sites to fetch an average accommodation value of $2,000 per sq ft. However, Mr Chan estimated the value at $1,800 per sq ft. He was not only worried about the abundant housing supply in the surrounding area, but also the large scale of each site.