The rampup in local property prices shows no sign of easing, with a plot of government land at Cheung Sha predicted to fetch up to 60% more than a similar site three years ago.

James K.T. Cheung, executive director of Centaline Surveyors, said that with its low plot ratio and full sea view, the 26,695 sq ft site, opposite the Cheung Sha police base, was ideal for small-scale luxury development, Ming Pao reports.

He forecast the developer would pay between HK$110 million and HK$140 million, or HK$10,000-13,000 per square foot – a sharp rise on the $7996 paid for the neighbouring site three years ago. The site carries a maximum gross floor area of 10,678 sq ft.

The tender, the first under the Lam government, will run from July 14 to August 11, the Lands Department announced Friday.

The site nearby (above) was sold to a mainland-based developer in December 2014 for HK$290 million.

For sale