The Airport Authority will take control of the 11 SKIES development after agreeing with New World Development to end the agreement early. The handover is scheduled for April 1, 2027.
Under the agreement, project-related assets will be transferred to the Airport Authority at no cost, while New World will provide more than HK$3 billion in cash and cash equivalents. New World’s wholly owned subsidiary, Roxy Limited, will return the relevant lease.
The assets include three office buildings and an entertainment hub. The development is near Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge, and is intended to form part of the authority’s wider Skytopia project.
The Airport Authority has established a dedicated subsidiary for 11 SKIES. A government spokesperson said the authority would replan the project’s positioning, theme, industry mix and operating model to fit Skytopia’s wider development.
11 SKIES is expected to begin operations alongside major Skytopia components in 2028-29. The Terminal 2 Concourse and other major Skytopia projects are expected to come into use progressively from 2028.
Airport Authority chairman Fred Lam said the scale of 11 SKIES could support large entertainment facilities and experience-driven offerings that would not be possible in other indoor venues in Hong Kong.