High investment risk has kept most developers away from the tender for the former government quarters in Caldecott Road near Piper's Hill in Kowloon.

Cheung Kong, Wheelock Properties and Nan Fung Development were the only companies to submit bids yesterday. New World Development, which took on a similar development at Wylie Court in Ho Man Tin, was conspicuous by its absence.

The market response was even worse than when the first tender for the Caldecott Road site was put out in 2005 and attracted six bids. That tender was later withdrawn as the offers failed to meet the government's reserve price.

South China Morning Post