But she said she had refused to sell despite several offers. 'This is not a matter of superstition, but rather a traditional belief,' Ms Luk said.

The land formerly housed Cathay Bungalow, a 28,105-square-foot accommodation quarters for government officials. It was sold for $3,276 per square foot.

Cathay Bungalow has since been demolished and Ms Luk plans to build a four-storey luxury home for her family.

She said that many investors were interested in the site. 'We are quite surprised with the many offers. Some of them were as much as $90 million, which was almost double its auction price.'

But she has refused to sell despite the tempting offers.

'This is not a question of money. We have searched for the right lot for quite a long time.

'It is typically Hong Kong, isn't it? Fung shui is extremely important to us business people.'

Ms Luk said that fung shui masters were consulted about the lot many times before the auction.

'We love the lot simply because we believe it will bring luck to our business. Many investors prefer Island South where most luxury houses or apartments enjoy magnificent sea views and a higher yield.

'Yet fung shui is still our highest concern.'

Cathay Bungalow was placed in the reserve list in last year's land sales programme. Competition was keen with bidders including Emperor International Holdings.

Analysts had suggested the lot might become a unique luxury nursing home considering the background of the owner.

Ms Luk is one of the founders of Cambridge Nursing Homes and has a relatively low market profile.

She was not present at last year's land auction and sent a representative to bid for the site.

Ms Luk was formerly a member of the Tai Po District Board. She did not seek re-election this year.

Graphic: FUNSHUGET