A luxury house on The Peak, formerly owned by property investor Louis Lo Siu-fai, will be put up for sale under the mortgagee's instruction. Tenders will be called for the purchase of the property at 71 Peak Road, with November 2 the closing date. Analysts said satisfactory sales results for luxury houses this year had encouraged some vendors, or mortgagees, to test the market. Raymond Ho, senior director at tender arranger FPDSavills, said: 'This is a rare opportunity to acquire a prime single house on The Peak, with a unique house area of 4,089 square feet, on a private lot of 7,000 sq ft. 'With panoramic sea views over the south side of Hong Kong Island and the green scenery of The Peak, this two-storey detached house offers an excellent opportunity for both home buyers and investors.' FPDSavills has already received inquiries and offers from potential buyers, due to the limited supply on The Peak, reflecting the strength of the market and strong demand for houses. Property agents said Mr Lo bought the Peak Road property for HK$31.8 million in 1993. Mr Lo was known for his aggressive investment, especially in retail property, before the Asian financial crisis. He led a consortium to buy the retail space occupied by the Chung Kiu Chinese Products Emporium in Mongkok for HK$1.05 billion in 1996 and in 1997 he headed another consortium to buy the West Wing retail arcade at South Horizons for HK$1.2 billion. Mr Lo held a controlling interest in listed Chinese medicine retailer Tung Fong Hung (Holdings), but sold his stake following the financial crisis. 'In the past 10 months, there have been a large number of transactions on The Peak and land prices are maintained in the region of HK$15,000 per sq ft of accommodation value,' Mr Ho said. One recent transaction in the area was the HK$190 million purchase by Francis Yuen Tin-fan, deputy chairman of Pacific Century CyberWorks, of a three-storey house at 22 Barker Road.