Sitting along the seafront of the runway of the former Kai Tak airport, Park Peninsula will be a combination of leisure, sports, tourism, commercial and residential developments, the nine developers said in a statement on Wednesday.

The development will involve about 4.84 million square feet of green and open space, including Metro Park, Kai Tak Sky Garden, Kai Tak Cruise Terminal Park, Kai Tak Runway Park and Kai Tak Sports Park, which is 2.3 times larger than Victoria Park and the largest in Hong Kong.

The nine are Chinachem Group, China Overseas Land and Investment, Empire Group, Far East Consortium International, Henderson Land Development, K Wah International, New World Development, Sun Hung Kai Properties and Wheelock Properties. They will jointly set up a non-profit private company for the new project.

The new project comes after the government’s long-term Energizing Kowloon East plan, which aims to transform the area into the city’s second core business district.