Hong Kong’s government will auction a residential building site for the first time in almost a year today, in a test of developers’ expectations in Asia’s second- most expensive luxury housing market.

The 306 square-meter (3,300 square-foot) site in Sheung Shui in northern Hong Kong is likely to draw interest from smaller builders because of its size, said Wong Leung-sing, an associate director at Centaline Property Agency, one of the city’s biggest real estate agents.