New World to hand over 11 Skies project in April

The Airport Authority (AA) recently concluded a deal with New World Development to early terminate the sublease of the 11 Skies development project. This property, positioned near the Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge, is set to be handed over to the airport authority on April 1 next year. The project, coupled with its assets, will be transferred free of charge.

Moreover, the AA will receive over HK$3 billion in cash and cash equivalents from New World Development. This strategic move aims to fortify the 11 Skies project, which is poised to enhance the existing Skytopia, a HK$100 billion mega project. Skytopia's overarching goal is to transform the airport vicinity into a world-class tourism and business hub, serving as a bridge connecting Hong Kong and the broader Greater Bay Area.

Fred Lam, the chairman of Skytopia, highlighted that the 11 Skies project is not just another shopping complex. "The magnitude of this project is ideal for large-scale entertainment facilities and experience-driven attractions that would be impossible in other indoor venues in Hong Kong," he stated. "It will be a unique entertainment hub, forming an integral part of Skytopia, whose allure extends beyond its physical hardware," Lam added.

"We believe it is the software, the contents, culture, and the holistic offering of an appealing environment that hold the key to success." Vivian Cheung, the AA's CEO, expressed that the authority has established a new subsidiary dedicated to the project, with operations slated to commence alongside key aspects of Skytopia in 2028-29.