A RECORD value for property is expected to be achieved when a small parcel of land on Percival Street in Causeway Bay is put up for public tender, according to agents handling the sale. ''This could very well be the most expensive piece of commercial property in Hong Kong, in terms of accommodation value,'' K. S. Ko, investment director with First Pacific Davies (FPD), said. The land in question is located in Causeway Bay along Lockhart Road's ''Golden Mile'', which is considered one of the prime shopping areas in the territory. ''It's one of the best retail locations in Hong Kong because of the high pedestrian traffic flow and its popularity with the people who live and work in the area,'' Mr Ko said. The buyer could expect to charge higher than average retail prices for this prime space. ''Ground floor space in Causeway Bay averages $70,000 to $80,000 per square foot,'' he said. ''But, because the building is located along the 'Golden Mile' between Percival Street and Daimaru, shop owners would have to pay more.'' Since the site had already been cleared and the foundation work begun, Mr Ko said this was an added incentive for developers to bid for the site. ''There are no tenants to be evicted or compensated for,'' he said, adding that the building plans had been approved. The site measures 2,2371 sq ft and is located next to the MTR's Percival Street exit and Causeway Bay Plaza (phase 1). When completed, the site will offer 56 feet of street frontage directly opposite the Forum restaurant. Mr Ko said approval had already been given for the development of up to 24 storeys for a total of 41,375 sq ft. Under existing zoning regulations, the building could be an office/retail building, or devoted purely to a Ginza-type retail outlet. The development is expected to be completed in about one year, which means that it will come on to the market just as the Wan Chai and Causeway Bay areas begin to suffer a shortage of office space. Mr Ko said said the office supply in the area had averaged 1.3 million sq ft per year, with take-up averaging 750,000 sq ft. But, so far this year, only 630,000 sq ft is forecast for completion, followed by just 374,000 sq ft in 1995. Vacancy rates in the area have fallen to 2.5 per cent. The sealed bid sale will begin today and run for a month, with August 17 the closing date. Mr Ko said the sale need not be completed until the end of March, 1995, giving the buyer time to launch pre-sales. ''It is not easy to get bank financing,'' he said. ''But the situation will definitely improve in the next couple of months - the banks have to come out and do business.'' He said that as part of a ''non-consent'' scheme, there were no Government restrictions on pre-sales.