Also known as Burraga Island, the 122-hectare property just east of the Shoalhaven River bridges, was put on the market by Sydney firm JLL in June.

Expressions of interest for the island closed on Wednesday, July 24.

Listing agent Nic Simarro, of JLL, said interest in the unique property had been strong, including two from overseas.

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"We had offers from Singapore and Hong Kong as well as seven from around Australia," he said.

"We will now go through the second round of offers and hopefully finalise a sale within the next two or three weeks."

Although he would not comment on what offers were made for the rare island property, it is understood price estimates ranged from $2.5 million through to $5 million.

The island is currently owned by the ASX-listed ASF Group, a consortium with links to China, who purchased the island from the dairy farming Kennedy family in 2011 for $2.5 million.

The Kennedys had owned the island for 34 years but actually had links to the property dating back more than 50 years.

It is currently running some cattle, however, ASF, which describes itself as "a creator and facilitator of cross-border investments, trade and technology transfers between China, the UK, Europe" had considered various developments on the island including a golf course and an aquatic theme park.

Adjacent to Terara the island is currently zoned RU1 Rural, and could be turned into an eco-tourism destination or an education facility.

It includes a single-storey, four-bedroom house and a private cable operated punt with a loading capacity of 48 tonnes which connects the island with the mainland off Terara Road.

Mr Simarro said none of the prospective buyers had outlined what future plans they might have for the island.