A 49,000 sq m space of land for commercial development in Beijing is expected to be sold for more than 10 billion yuan (1.47 billion U.S. dollars) in early March, a record for the capital city's land market.

The slot is located in Beijing's Central Business District (CBD) at Guomao, northeast of an intersection at East Third Ring Road and Jianguo Road, with the new CCTV tower and the World Trade Center in sight.

The starting bid was set at 5 billion yuan by Beijing municipal bureau of land and resources, with a required 3 billion yuan deposit to take part, the China Daily reported Tuesday. It would be auctioned off by Mar. 8.

Over 20 property developers, including industry giants Poly China, Vanke, SOHO China and Sino-Ocean Land, have shown interest, the paper said.