The MTR Corporation has received a record 14 bids to build flats on top of its Wong Chuk Hang Station.
The bidders include Shenzhen-based Logan Property which bought a residential site at Ap Lei Chau last week for a record of nearly HK$17 billion.
Other mainland developers include China Overseas Land and Investment, as well as Vanke.
Local developers such as Cheung Kong, Sun Hung Kai and Henderson Land have also joined the race.
The site near the Police College is estimated to be worth between HK$8 billion and HK$9.2 billion. The two-block project is expected to be completed in 2022 and will provide 800 units.