The Government supports the Airport Authority's plan to develop the Airport North Commercial District, the Transport & Housing Bureau said today.
It will be the first purpose-built retail, dining and entertainment destination in the district, and will become a unique tourism attraction.
The Government has allowed the area to be carved out from the original airport land lease and put under a new contract with a 50-year term granted to the authority at a nominal premium.
The arrangement will enhance the authority's flexibility in using the site’s gross floor area and the market attractiveness of the development project.
The bureau said the development is of strategic importance to the economic and social development of Lantau and Hong Kong, and will be a major component in promoting the "bridgehead economy" of the Hong Kong-Zhuhai-Macao Bridge.
The Government has required the authority to factor in the full market value of the land when devising tender conditions for disposal of the site, considering tender bids, and entering into commercial agreements with private developers.
