We report on a variable capacitor that is formed between Schottky contacts and the two dimensional electron gas (2DEG) in a planar metal-semiconductor-metal structure. Device capacitance at low bias is twice the series capacitance of anode and cathode, enhancing to a maximum value, Cmax, at a threshold voltage, before reaching a minimum, Cmin, lower than the geometric capacitance of the coplanar contacts, thus resulting in ultra high Cmax/Cmin tuning ratio. Sensitivity, the normalized change of capacitance with voltage, is also very large. The dense reservoir of the 2DEG charge maintained between contacts is shown to be responsible for this remarkable performance.