The Airport Authority on Thursday unveiled a new development called "SKYTOPIA" for Hong Kong's Airport City, aiming to develop it into a world-class landmark.

The authority unveiled the Airport City development blueprint which includes measures to expand AsiaWorld-Expo, build the city’s largest yacht bay, and set up the city’s first art storage facility.

The three-runway system at the airport commenced operation in November last year, and will boost the airport’s capacity to 120 million passengers a year.

Chairman of the Airport Authority, Fred Lam, said the Airport City will be more than just about serving travellers using the airport.

“We envisage that our airport will not be just a place for passengers to board their planes or a portal for entering Hong Kong,” he said.

“Our vision is to develop SKYTOPIA into a landmark of its own and also a world leading destination, attracting visitors from within Hong Kong and its prosperous Greater Bay Area, as well as major markets in Asia and around the world.”

Cissy Chan, an executive director with the authority, said the Airport City will integrate commercial and cultural activities, and will be a key economic driver for Hong Kong.

She said the project would not only consolidate Hong Kong’s status as an international aviation hub, but also boost the city’s development in art trading and entertainment.

The Airport Authority said the project would cost about HK$100 billion, including HK$30 billion on infrastructure.