The government has received at least eight bids for a residential site development in Jordan Valley.

The tendering exercise closed on Friday.

Representatives of Cheung Kong, Sino Land, K Wah International and Henderson Land were seen dropping their sealed proposals in the government tender box at the Central Government Office in Tamar before the deadline.

Development secretary Bernadette Linn said in October that the site on Choi Hing Road was able to provide around 570 units and was situated in a mature urban neighbourhood along New Clear Water Bay Road with comprehensive surrounding facilities and a traffic network.

Quinly Wan, the director of development and leasing at K Wah International, said the supply in the area is relatively limited and there are many branch families to support demand.

The highest market valuation is estimated at HK$2.23 billion, with an average of HK$6,000 per square foot.

Some surveyors raised their forecasts following recent upbeat transactions.

Alvin Lam, a director of Midland Surveyors, put his estimate at HK$1.67 billion.

"The recent property market has improved a lot, with more transactions in both primary and secondary markets. And the recent land sales had been sold with pretty good prices, reflecting growing interest from developers over quality land plots," he said.

Lam added that he believed there would not be any direct competition between government land tenders for the development of the Northern Metropolis and regular land sale programmes, as the type of land and scale of project were quite different.