Hong Kong toy magnate Francis Choi Chi-ming is selling a 33-apartment project in Repulse Bay by public tender. The development, The Hacienda, is expected to make the manufacturing tycoon a handsome profit in an active property investment market. Mr Choi, who acquired some prominent residential real estate during Hong Kong's property market trough three to four years ago, bought The Hacienda for $460 million in 2001 before switching to hotel investment in 2002. 'We expect to fetch $1.4 billion,' said Tony Chau Siu-fai, general manager of the property division of Early Light International Holdings, a private company owned by Mr Choi. He said the project, which is generating a rental income of about $2.5 million a month, would be sold with existing tenancy. The Hacienda comprises apartments ranging in size from 1,204 square feet to 4,605 sqft on a 35,472 square metre site. Sole agent Savills Realty said the tender would close on January 25. Mr Choi is also offering a seven-story luxury building at 9 Tai Tam Road called Majestic Court. The tender for Majestic Court will close next Tuesday, according to sole agent CB Richard Ellis.