Hongkong Land Holdings is to put its grade A office building at 1063 King's Road, Quarry Bay, for sale through tender - its third attempt to dispose of the property since last year.
Surveyors said given that supply of grade A office space was limited, the building would be welcomed by investment funds.
The building, providing a gross floor area of 294,000 square feet, is expected to be sold at $1.6 billion or $5,442 per square foot.
It was put back on the market after a deal with Australian investment fund Allco could not be reached. The fund reached a preliminary agreement with Hongkong Land in March.
Last year, British Capital and Income Trust also agreed to buy the building but the deal was not sealed, sources said.
Hongkong Land commercial property executive director Raymond Chow declined to comment.