K Wah International has triggered another residential site in Tuen Mun for auction, its second in four days, as it aggressively seeks to expand its land bank. The Lands Department yesterday announced that the government had accepted the developer's minimum guaranteed bid of HK$585 million or HK$2,805 per square foot for the low-density site. The site at Tsing Lung Road, next to the Beaulieu Peninsula development, will go under the hammer on May 29 with another Tuen Mun site triggered on Monday. Beaulieu Peninsula, a joint venture project between Sun Hung Kai Properties and Cheung Kong (Holdings), has seen only one deal in the past six months at HK$5,162 per square foot, according to Joey Tam, a senior district sales director at Centaline Property. The average price for nearby flats is about HK$2,600 per square foot. Alnwick Chan Chi-hing, executive director of Knight Frank, said the site could be developed into a luxury residential project with flats and 10 houses. He expected that the site could fetch HK$900 million or HK$4,300 per square foot. 'The sale price of houses at the project could reach more than HK$8,000 per square foot, while the flats could fetch HK$5,000 per square foot,' Mr Chan said. The 161,783 square foot site could provide a maximum floor area of 208,499 square feet. However, there are development restrictions on the site. Under the land lease, buildings will be limited to 10 storeys and there can be no more than 193 units. On Monday, K Wah triggered the auction of a 183,440 sqft residential site at Tsing Fat Street in Tuen Mun. Surveyors said the two sites were worth more than HK$1.7 billion. Due to a lack of potential development sites, K Wah has been very active in choosing targets on the government's application list. The developer has made offers on six plots since last year. Meanwhile, a Swire Properties related company has obtained approval to build a 50-storey residential building at 18-22 Castle Road in Mid-Levels, with a gross floor area of 195,533 sqft. A Swire spokeswoman declined to comment on the ownership or the development plan. Plans for redevelopment at 14-16 Castle Road have also been approved by the Buildings Department to turn it into a 47-storey residential building with a gross floor area of 165,793 sqft. The old building is owned by Excel Free, which is not registered with the Companies Registry. However, sources said the developer is Swire Properties, which has more than 20 per cent ownership of the properties.