Hong Kong developer New World Development to invest US$2.5b in Skycity airport retail complex
The group’s subsidiary Roxy will undertake the project set on 25 hectares of land and will complete it in phases between 2023 and 2027
New World Development plans to invest HK$20 billion (US$2.55 billion) in Skycity, a commercial entertainment project attached to the Hong Kong International Airport, the company said in a stock exchange announcement on Wednesday.
New World Development’s subsidiary Roxy, which won the tender, will enter into an agreement with the Airport Authority by May 30 and is expected to complete the project in phases starting from 2023 to 2027.
The developer will build a 350,000 sq metre retail complex that will also connect to the Hong Kong-Zhuhai-Macau bridge.
Skycity, which covers about 25 hectares of land, will be the largest retail complex in Hong Kong, the Hong Kong International Airport has claimed on its website.
“With [Skycity] becoming one of the largest commercial complexes and a landmark in Hong Kong, and the huge demand brought about by both local residents and visitors, it is expected that [Skycity] will bring a strong recurrent income to the group,” New World Development said.
New World Development said the group will fund the development with internal resources and may also seek external debt.
The complex will comprise retail, dining and entertainment facilities, transport terminals, and at least 2,800 car parking spaces. It may also include offices.