Owners of luxury residential sites and homes are putting some of their most valuable assets on the market, in anticipation of a pick-up in investor demand. Analysts said sentiment in the luxury residential market traditionally improved in the fourth quarter. Also, the appetites of investors and end-users were seen being stimulated by the government's pledge to announce property market stabilisation measures by the end of the year. A spokeswoman for CLP Holdings said the company would soon tender for sale a luxury residential site at 15 Ho Man Tin Hill Road in Ho Man Tin. It was formerly home to CLP's Ellyridge staff quarters. The site, which measures about 20,000 square feet, could accommodate a 42-storey residential building with maximum floor area of 130,600 square feet, she said. The spokeswoman said CLP Holdings had paid a land premium of HK$66.11 million for lease modification to secure the building capacity. 'We expect the tender will be closed by the end of next month,' she said, without revealing the target price. Estate agents' estimates of the site's market value ranged from HK$235 million to HK$300 million, based on flats in nearby developments such as Crescent Mansion and Parc Regal being worth from HK$4,000 to HK$5,000 per square foot. That would translate into an accommodation value of HK$1,800 to HK$2,300 per square foot and a value for the development after completion of HK$700 million, or HK$5,300 per square foot, agents said. Selling the site would not exhaust CLP's property assets. The company's headquarters at 139-147 Argyle Street in Ho Man Tin sits on a 61,947 sq ft site, which could be redeveloped into 309,700 sq ft of residential space. However, CLP had no plans to put additional properties on sale, the spokeswoman said. Meanwhile, Colliers International has been appointed sole marketing agent to tender a detached house at 19 Cooper Road in Jardine's Lookout for sale. The tender will close on November 28. The 16,360 sq ft lot contains a two-storey, 6,233 sq ft detached house with carport and large landscaped garden. Colliers International investment senior manager Willis Mak said: 'Detached houses in Cooper Road rarely come on the market. In the past few years, there have been only two or three single-house transactions each year.' Still, the market for detached houses had remained active, even after the Asian financial crisis, largely because of scarce supply, Mr Mak said. A 12,685 sq ft site at 3 Henderson Road was sold for HK$60 million in August, he said. A 10,716 sq ft site at 6 Perkins Road went for HK$128.8 million in June last year.