A land parcel in Kai Tak area, Hong Kong, which is poised to be the city's most expensive residential site, attracted five bids when the government tender closed at noon on May 11, according to Hong Kong Economic Times, citing government source.

Bidders include Hong Kong's biggest developers such as CK Asset Holdings Ltd., Sun Hung Kai Properties Ltd. and Henderson Land Development Co. Ltd., the report said.

The plot on the site of Hong Kong's former airport, the city's hottest development hub, is known as Kai Tak Area IF, Site 1. Chinese conglomerate HNA Group Co. Ltd. once made headlines when it paid record prices for four land parcels at Kai Tak during 2016 and 2017.

The latest 17.82 million-square-foot site is expected to yield a total gross floor area of 1.42 million square feet worth between HK$17.7 billion to HK$25.5 billion, which has the potential to surpass the record set by a waterfront housing site in Cheung Sha Wan, according to Hong Kong Economic Times.

A joint venture comprising Sino Land Co. Ltd., Wheelock and Co. Ltd., Shimao Property Holdings Ltd., K. Wah International Holdings Ltd. and Sea Holdings Ltd paid HK$17.29 billion for the Cheung Sha Wan site in November 2017.