New World Development plans to build a new hotel and retail mall adjacent to the remodelled Tsim Sha Tsui Promenade project.
The TST promenade will soon be closed for three years in a controversial project on the site of the Avenue of Stars. NWD will invest its own funds in the project in return for a new 20 year management contract of the precinct.
While the company says the HK$100 million redevelopment is what it considers its social responsibility, the redevelopment will dovetail with its own commercial plans for a shopping mall, hotel and office space fronting onto the promenade.
At a press conference confirming the waterfront project, NWD senior project director Jeff Tung Jing-kong said in 11 years of its existing 20 year management contract, the Avenue of Stars has never returned a profit.
The new look promenade will feature restaurants, retail stores and lookout points for tourists and locals alike, along with performance venues and other recreational facilities.
Construction will begin in October after the Town Planning Board last week gave its conditional approval to the project.