The sale of a 53,350 square foot Barker Road site on The Peak is expected to push the price of luxury property to a new high when it is sold at public auction next month. Falconridge, 35 Barker Road, owned by the family of businessman Hui Sai-fun, is believed to be the last site available for sale along the road where some of the city's top officials and business elite live. With a view stretching from the Peak Tower down to Victoria Harbour, the property has a plot ratio of 0.5, which would permit a maximum gross floor area of 26,675 sqft for future development. A five-storey apartment building completed in 1981 stands on the site. It accommodates eight residences of about around 3,300 square feet each. The appointed auctioneer, Jones Lang LaSalle, said it believed the site would be redeveloped by the future buyer. Joseph Tsang Hon-ping, the international director and head of sales with Jones Lang LaSalle, said he expected a record price for the prime land. He refused to give an estimate, saying talks were being held with the owner about the lowest acceptable price. The most recent transaction on The Peak was in December 2006 when Sun Hung Kai Properties bought 12 Mount Kellett Road in a government land auction for HK$42,196 per square feet, a record land price at that time. 'Considering the extremely rare land supply on The Peak, the excellent view from the property and the rise of home prices over the past three years, we believe this site has every potential to become the most expensive one in Hong Kong,' Tsang said. Charles Chan Chiu-kwok, the managing director of Savills Valuation and Professional Services, said it was hard to predict the sale price as comparable deals have been rare in recent years. 'Judging from today's market, I think the sale price is very likely to exceed that of 2006,' Chan said. 'Yet there's still a month to go before the auction and the final price will very much depend on the economic situation and the stock market then.' The Centa-City Index indicates that the average property price in Hong Kong surged more than 50 per cent since December 2006. The average home price on The Peak is believed to have jumped more than 100 per cent during the same period, Tsang said. He said the owner had been leasing the apartments to tenants for years before deciding to sell the site. The public auction will be held at the JW Marriott Hotel on May 18.