16th Jul 2014 08:07
LONDON (Alliance News) - Balfour Beatty PLC Wednesday said its Hong Kong joint venture Gammon Construction has won two building contracts worth a combined GBP300 million.
Gammon Construction is a 50:50 joint venture with Jardine Matheson Holdings Ltd.
The venture has been awarded a GBP216 million contract by the Hong Kong Housing Authority for a public rental housing development in Tuen Mun in the New Territories, which will provide around 4,600 flats in 33 to 38 storey towers and other communities.
Balfour said the second contract, worth GBP84 million, follows Gammon's previous work for Hong Kong Science Park Phases 3a and 3b. The new Phase 3c involves constructing two research and development offices and laboratory-enabled buildings.
"These projects build on an already strong order book in Hong Kong and there is potential for more opportunities as the demand for housing and sustainable buildings continues," Balfour Beatty Chairman Steve Marshall said in a statement.
"With a solid track record in delivering these construction projects, our project teams are also committed to realising our vision regarding safety, quality and environmental performance," he added.
Balfour Beatty shares were up 2.2% at 231.60 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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