High price for Peak location

BOC Hong Kong (Holdings) has generated strong interest from developers and property funds in the tender sale of its 33-room luxury guesthouse at One Gough Hill Road. About 16 developers and property funds have expressed interest in the Peak property, agent DTZ Debenham Tie Leung confirmed. With a gross floor area of about 25,000 square feet, the property is likely to generate at least $500 million based on recent Peak transactions. The tender is due to close at noon on January 19.