Developers are expected to exercise extra caution when bidding at today's tender of a major residential lot in Sai Wan Ho following less than satisfactory land auction results yesterday. While most developers said they would bid for the Sai Wan Ho plot, some analysts forecast cautious offers after a big West Kowloon site sold yesterday at the opening price of HK$2.58 billion. Surpass Property strategy consultant managing director Charles Lai expects developers to cut their offers by more than 10 per cent. Yesterday's auction result was a reflection that developers' confidence had not fully recovered, Mr Lai said. 'I believe potential home buyers will delay buying,' he said. Surveyors expect the 131,320 square feet Sai Wan Ho waterfront site, next to Aldrich Bay reclamation area, to net between HK$2.3 billion to HK$2.9 billion. The site has a potential floor area of 1.1 million sq ft for residential and 131,320 sq ft for retail. The tender will close at noon. Nan Fung Finance director Chang Hwa-ching said developers would be more cautious when making bids today. Henderson Land Development general manager of property development Augustine Wong Ho-ming and New World Development director manager Stewart Leung Chi-kin said the tender price would not be affected. Chan Cheung-kit, Sino Land's general manager (planning) development division, said yesterday's auction achieved a 'good market price' and would not affect the Sai Wan Ho tender. Amoy Properties chairman Ronnie Chan Chichung also said the company would make an offer but it had not yet decided whether to form a consortium.