Mainland firm China Overseas Land & Investment has won the tender for a luxury residential project in Stanley owned by the central government's Hong Kong liaison office with a HK$25 million offer. Wealth Join Development, a subsidiary of China Overseas Land, bought De La Salle on February 6, according to the Land Registry. Tony Yau Wai-kwong, a director of China Overseas Property Agency and Wealth Join, declined to comment. The accommodation value of De La Salle is HK$17,500 per square foot. Prices at the four-year-old Regalia Bay luxury project in Stanley range between HK$15,000 and HK$16,000 per square foot. Charles Chan Chiu-kwok, an executive director of Savills Valuation and Professional Services, said: 'Developers were willing to pay aggressive prices to buy De La Salle due to the booming luxury residential market and the limited supply of development sites in traditional luxury residential districts such as the Peak and the south [side of the island].' Mr Chan said future supply of sites in those districts would rely on redevelopment. Prices of the De La Salle redevelopment project could reach HK$25,000 per square foot after completion, he said. The 34-year-old De La Salle, at Stanley Beach Road, covers about 40,000 square feet. The developer will be allowed a low-density, three-storey development with a gross floor area of 30,000 sqft. The central government's liaison office in Hong Kong appointed DTZ Debenham Tie Leung to handle the tender. Xinhua bought De La Salle in 1987 as a place to host top mainland officials and the property played a historic role before the handover of Hong Kong in 1997. Former Xinhua chief Zhou Nan hosted former governor Chris Patten at a dinner there before the handover. Since the handover, mainland leaders have usually chosen to stay at the Harbour Plaza hotel in Hung Hom.