The former home of the family of Sir Kenneth Fung Ping-fan is on sale again, three years after it sold for HK$230 million during the market's peak. The opportunity to buy and settle in the three-storey detached house at 14 South Bay Road in Repulse Bay has emerged after the buyer who bought the property in 1997 got into financial trouble. International Bank of Asia, the mortgagee in possession of the property, has instructed FPDSavills to sell the house by tender, which will close for submission on June 23. The property, on the waterfront with a view of Repulse Bay beach, includes a house area of 9,434 square feet, plus a basement and swimming pool on a 12,000 sq ft site, with a garden extension of 7,520 sq ft. FPDSavills senior director Raymond Ho said: 'This is an outstanding opportunity to create your own dream house in Repulse Bay by simply renovating this property to suit your style.' If the buyer opts to tear it down for redevelopment, the site can be rebuilt into a property with about 10,800 sq ft at a plot ratio of 0.9, with a site coverage of 22.5 per cent. The building can rise to a maximum of four storeys. The house was bought for HK$230 million three years ago by Wong Wah, former chairman of Nam Fong International Holdings. Mr Wong had started renovation work on the external wall of the house, which was still partly covered by scaffolding. International Bank of Asia last year sued Mr Wong for debts owed and eventually took possession of the house. Mr Ho said recent government auctions of two sites in South Bay Road reflected favourable land prices in the area. The sales indicated that there was strong demand for such luxury properties for redevelopment, he said. At a government auction in April, overseas buyer Higo Force paid HK$130 million, equivalent to an accommodation value of HK$6,876 per sq ft, for a 20,723 sq ft residential site in South Bay Road. Last October, private companies E Wah Construction and Aik San Realty bought a 21,615 sq ft luxury site in South Bay Road for HK$151 million, representing an average of HK$6,973 per sq ft. Mr Ho expected the tender for 14 South Bay Road to achieve well above these two auction prices. He discounted the trend of rising interest rates, saying that the factor of rate increases and the recent stock market performance were not new and they provided an ideal opportunity to enter the property market. With the existing detached house, he said the buyer could appoint a designer to renovate the house with the buyer's specific requirements without going through an expensive and lengthy redevelopment exercise. Sir Kenneth, an influential business and political figure in Hong Kong, was a legislator in the 1960s and 1970s. He retired from the Executive Council in 1972. He bought the site from the Government for HK$6,100 in 1940, according to land records. The house was designed by Sir Kenneth's wife and modelled on the shape of a piano. Built in the 1950s along the rocks, access is via a private driveway off South Bay Road. Given the age of the property, some analysts said it would be better to redevelop the site. But others said redevelopment would yield little additional house area and would be a costly exercise. S K Pang Surveyors & Co managing director Pang Shiu-kee said there was no more land available for sale in South Bay Road, so the property should attract interest, especially from end-users. He predicted the house would sell for about HK$100 million, but cautioned that redevelopment would be expensive because of the extensive drainage work required.