The building will have five-storeys and three central atriums with glass walls to provide natural light and panoramic views of Victoria Harbour, the cultural centre and Lantau Island.
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In 2012, a collaborative agreement was signed between the Leisure and Cultural Services Department of the HKSAR Government and the Palace Museum.
Since then, large-scale exhibitions have been organised by LCSD museums in collaboration with the Palace Museum every year.
The Palace Museum will provide, on a long-term loan basis, collections for display in the Hong Kong Palace Museum and provide expert advice and assistance on museum design or curatorial matters where necessary.
It will not be involved in the daily management of the museum The Hong Kong Jockey Club Charities Trust has agreed to donate HK$3.5 billion to fund the capital cost of the project, covering design, construction and exhibition development cost.
Two ferry piers will also be developed serving the site are also planned, one near Yau Ma Tei Typhoon Shelter and one near to the M Pavilion.