BEIJING — There is no rest for Adrian Cheng.
Two days after unveiling Victoria Dockside, one of Hong Kong’s largest property developments on the city’s harborfront, Cheng’s real estate company, New World Development, said it is investing in yet another mega-complex: the largest integrated retail, dining and entertainment complex in Hong Kong, which is called Skycity.
Located at the Hong Kong International Airport, it’s a project that’s expected to cost 20 billion Hong Kong dollars, or $2.54 billion at current exchange. That puts it nearly on par with the size of the Victoria Dockside, a 3 million-square-foot site on the Kowloon waterfront promenade with a $2.6 billion price tag.
“The group will inject ground-breaking creative and technological elements into the project, creating a world-class entertainment and retail landmark that combines learning, exploration and adventure,” said Cheng, executive vice chairman and general manager of New World Development.
“We are confident that we will provide an extraordinary experience for Hong Kong people and visitors of different age groups and sectors. Skycity’s strategic location makes the group very optimistic about the prospects of this mixed-use development project. We are confident that Skycity will become a top getaway and tourist attraction for locals and overseas visitors alike.”
With a total gross floor area of 3.77 million square feet, the complex will devote 2.1 million square feet to dining and retail outlets, 570,000 square feet each for experience-based entertainment facilities and office space, and hold a minimum of 2,800 car parking spaces.
Development will take place in two phases and be delivered within five and a half years and nine years from the agreement date. New World is to be granted a long-lease term up to Sep. 27, 2066.
Hong Kong International Airport was the world’s eighth busiest last year, according to data from Airports Council International, serving 73 million passengers in 2017. Passenger traffic is projected to rise to more than 100 million by 2030 with the completion of the airport’s third runway, the Hong Kong Airport Authority said.
In addition, the site is near to the Hong Kong-Zhuhai-Macau Bridge, which is also expected to increase visitor flow to the city from mainland China. The bridge is scheduled to open some time this year, although it has been delayed from its original date in 2016.
“It is expected that the commercial development will bring a strong recurrent income to the group,” the New World statement said.