The 11 Skies project is a mega complex located near Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge and was launched by New World Development.
It was originally designed to house over 800 stores as well as eight world-class themed attractions.
It was set to become the city’s largest shopping mall upon completion, covering a gross floor area of 3.88 million square feet.
Local media reports suggested that 70 percent of the project’s space had been taken over by the Airport Authority, citing sources familiar with the matter.
But in a statement, New World Development said no agreement had been reached with the AA regarding the project, though it added discussions were still “ongoing”.
“The company has been in discussions with AA to revisit and/or explore any possibility for changes in the contractual arrangements relating to the ’11 Skies’ project,” it said in a filing.
It also said it is aware of the media speculation over the group’s financial arrangements, as well as potential investment into the group and the 11 Skies project, but said there were no “material developments” and “no agreement has been reached with any potential investor”.
The remarks came as earlier media reports noted the developer was exploring the sale of the retail and dining portion of the 11 Skies development to ease financial pressure on the group.
In reply to media inquiries, the Airport Authority also noted it is in close communication with the developer over the matter, adding the 11 Skies mall could offer synergies for the development of Skytopia.
Skytopia is a HK$100 billion mega project that aims to transform the area around the airport into a world-class destination for tourism as well as business activities, linking the city and the Greater Bay Area.
The AA said that it is going “full steam” ahead with the development of Skytopia, whose core components include the marina and the Asia-World Expo extension, and it expects these to be completed by 2028.
The AA added that 2028 would also be a good timing for the 11 Skies to begin phased operations, in coordination with Skytopia.
Located adjacent to Terminal 2, 11 Skies was scheduled to open in phases between 2022 and 2025, but most of the storefronts are currently boarded up.
Terminal 2 is due to open on May 27th.
New World Development previously won the design, build and operate contract for the 11 Skies project in 2018, with total investment exceeding HK$20 billion.
