UK-based infrastructure group Balfour Beatty Plc (BBY.L, BAFBF.PK) announced Monday that its joint venture, Gammon Construction, has won a HK$3.2 billion or about 270 million pounds 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. Upon completion, scheduled for 2018, the development will provide around 900 residential apartments.
The company would also build 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.