Last checked at 23 Feb 2015 07:00
News Release
23 February 2015
BALFOUR BEATTY JOINT VENTURE WINS HK$3.2 BILLION (c.£270 MILLION)
BUILDING PROJECT IN HONG KONG
Balfour Beatty, the international infrastructure group, today announces that its joint venture, Gammon Construction, has won a HK$3.2 billion (c.£270 million) contract to build a major residential development in Hong Kong.
The project in Tsuen Wan, Hong Kong includes constructing seven residential towers, ranging from 12 to 40 stories, as well as retail and recreational facilities. The total construction floor area is 112,000m2. Upon completion, scheduled for 2018, the development will provide around 900 residential apartments. The project also involves building a public transport interchange and five footbridges. Chinachem Group developed the project, and the contract is with TW5 Cityside Property Development.
Leo Quinn, Balfour Beatty Group Chief Executive said: "This project reflects the continuous growth in the residential market across Hong Kong. The government has projected that the private housing sector will, on average, produce over 14,500 flats each year in the next five years, representing an increase of about 30% compared to the last five years."
ENDS
Analyst/investor enquiries:
Anoop Kang
Tel: +44 (0)20 7216 6913
Anoop.kang@balfourbeatty.com
Media enquiries:
Dominic Cheetham
Tel. +44 (0)20 7963 4235
dominic.cheetham@balfourbeatty.com
Notes to editors:
Balfour Beatty is a leading international infrastructure group. With 36,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth.
We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
Our main geographies are the UK, US, Middle East and South East Asia. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics' Aquatic Centre, Hong Kong's first Zero Carbon building, the world's biggest shopping mall in Dubai, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.