2025-07-17 Squarefoot Editor
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- New World To Sell 11 Skies Amid Financial Challenges
New World Development (0017) is reportedly considering selling its 11 Skies shopping complex near Hong Kong International Airport to address liquidity challenges. According to Bloomberg, preliminary discussions have been held with the Hong Kong Airport Authority regarding the potential sale. The shopping centre is valued between HK$15 billion and HK$17 billion, significantly lower than the HK$20 billion investment made in the project, indicating a possible loss.
Reports suggest that 11 Skies is facing challenges, including slow progress in tenant move-ins, airlines’ reluctance to shift operations to the adjacent Terminal 2, and weak economic prospects, which may deter visitor spending. As of June, the rental occupancy rate was only around 40%.
The project’s first major attraction, the KidZania children’s theme park, is set to open in July, but the first retail stores may not open until late 2025 or early 2026. Some tenants have expressed concerns that opening too early might result in low visitor turnout, impacting their business.
According to New World’s annual report, 11 Skies spans 3.8 million square feet, including three Grade A office towers under the K11 Atelier brand that are already operational. The first phase of entertainment facilities is scheduled to launch by the second quarter of 2025, with retail, dining, and professional services aligning with the broader development timeline of the Airport City project.
However, earlier reports indicate that most of the complex remains vacant, with only two dining establishments open—primarily serving nearby office workers. Over 800 retail spaces remain closed, many hidden behind white hoardings, with escalators not in operation and no signage indicating future tenants.
Bloomberg highlighted that New World is hoping the sale of 11 Skies will help alleviate its financial pressures. With the project’s estimated valuation falling short of its investment, this move reflects the developer’s broader liquidity constraints.
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| Property Type | Price | Ads Period |
|---|---|---|
| For Sale Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:90 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |
| Rental Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:80 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |