Hong Kong’s disused Kai Tak airport is set for a $12.8bn (£8bn) redevelopment that will see the construction of a cruise terminal, sports stadium and exclusive housing.
The 790-acre site, which sits in Victoria Harbour, is said to be the most valuable piece of derelict land in the world, worth up to $40bn.
Kai Tak airport closed in 1998 when Hong Kong’s new Norman Foster-designed airport was opened.
It has been lying empty ever since while city authorities argued over what to do with the land.
The Hong Kong government now plans to contribute $2.6bn to upgrade infrastructure to the site and hopes to put the contract for the first phase, the cruise terminal, out to tender by the end of the year.
Nicholas Brooke, chairman of Hong Kong-based Professional Property Services told AFP the site was probably the most valuable in the world.
Brooke also sits on the Harbour Enhancement Committee, advising the government on land use around the city’s waterfront.
“Kai Tak is right at the heart of Hong Kong,” he said.
“To have the opportunity to create a business district or a residential district right in the centre of a capital city – it’s unique.
“And that is why it has attracted such a high value, a land value of between $25bn and $40bn.”
