Hong Kong’s Airport Authority is set to seek HK$70 billion (US$9 billion) in global investment to help finance the expansion of a large-scale infrastructure project described as a “landmark of Asia,” a development called “Skytopia”
The three-runway system at the airport commenced operation in November last year, and will boost the airport’s capacity to 120 million passengers a year, increasing the airport capacity by 50 percent, and handle 10 million tons of cargo annually.
Chairman of the Airport Authority, Fred Lam, said the Airport City will be more than just about serving travellers using the airport.
As per the press release, With large artwork spaces, yacht facilities and driverless transportation systems, the Airport City expansion, which will cost HK$100 billion ($12.84 billion), will offer unique experiences for passengers and tourists from the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and overseas, the authority said.
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Speaking on the occasion, Cissy Chan Ching-sze, the authority’s commercial executive director, stated that the remaining HK$30 billion of the HK$100 billion Skytopia project would be covered using internal resources.
Chan made the remarks at an event attended by 300 business leaders from Hong Kong, mainland China, and overseas, where details of the expansion under the Airport City development blueprint were presented.
Skytopia will become a convergence of business activities, pop cultures, art dealing and leisure, the authority said. To achieve the vision, the project will incorporate facilities for art trading and artwork storage, a fresh market for high-end produce from around the world, as well as venues for tourism and leisure activities.
The project will also include a 600-berth yacht marina, Hong Kong’s largest water recreation area, a “jet fresh market” inspired by Tokyo’s Tsukiji Fish Market, and Skycity, a development featuring a hotel, offices, and commercial spaces.
“The project is expected to cost around HK$100 billion, of which about HK$30 billion will be allocated to infrastructure costs,” Chan noted.
Cissy Chan Ching-sze said that the name “Skytopia” embodies the important characteristics and vision of the project’s development.
“SKY” is self-explanatory, “IA” signifies the international airport, reflecting the inseparable relationship between the sky and the airport, and “TOP” promises a top-notch experience for visitors from around the world, highlighting the landmark’s world-leading features, she said.
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The driverless vehicles to be deployed at Skytopia were highlighted by Vivian Cheung Kar-fay, the Airport Authority’s acting CEO, as they will provide seamless transits enabling visitors to easily reach any destination in a short time.
“SKYTOPIA” features projects that capitalise the unique advantages of Hong Kong and leverage the land and marine resources near Hong Kong International Airport (HKIA).
Highlights include:
Cheung said that Airport City will leverage its unique geographical location to develop a series of water leisure and recreation facilities.
Previously, the authority, which oversees the city’s airport, disclosed plans to raise HK$10 billion for the project through bond issuance.
Despite economic challenges in Hong Kong and mainland China, Chan expressed confidence in attracting international investors to support the project.
Photo courtesy: Hong Kong Airport Authority.
