Fung Shui, a luxury residential property on the Peak owned by HSBC, will be put up for tender early next month after gaining positive initial interest from a number of developers. Last month, the bank appointed Knight Frank Petty to initiate a sale of the property, and since then, some developers have conducted site visits. Owing to the positive response, next month's tender was arranged and will close by the middle of the month. 'The bank will invite developers who have shown interest in submitting bids for the tender,' said a source close to the developers. Fung Shui, at the junction of Pollock's Road and Plantation Road, is an eight-unit, five-storey residential block built in 1954. The property was previously designated as quarters for senior members of the bank's staff. It has an estimated value of HK$750 million or HK$21,367 per square foot. The 70,200 square foot site can be developed into a luxury project with a gross floor area of 35,100 sqft. Surveyors expected major developers would be interested in the site, even though transaction volumes for luxury residential sites has fallen since last year. In the longer term, the limited supply on the Peak will provide a firm underpinning for the luxury residential sales market.