High interest expected for land auction

Developers are expected to make aggressive bids at today's land auction for a rare large urban site amid an unexpected jump in Hong Kong's stock market, according to property agents.

The prediction comes in light of Midland Realty's announcement yesterday that the number of transactions in its survey of 35 major housing estates hit 333 last week, the highest weekly figure since April 2005.

Property consultants forecast the Wong Tai Sin site, with a potential gross floor area of 920,516 square feet, would fetch between HK$4 billion and HK$5 billion.

Developers Henderson Land Development, Sun Hung Kai Properties and New World Development have shown interest in bidding on their own.