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Just install the new JDeveloper into a new directory.
Backup your workspace/project
And then open them in JDeveloper 188.8.131.52 - this will migrate them to the new version.
Note that once a project is migrated to the new platform you can't go back - this is why having a backup of the 11.1.1.* version is important.
Read the migration section here: http://www.oracle.com/technetwork/developer-tools/jdev/11gr2update3-1851251.html
To learn what JDev will do when moving to 184.108.40.206