23rd Feb 2015 07:45
LONDON (Alliance News) - Balfour Beatty PLC on Monday said its Gammon Construction joint venture has won a HKD3.2 billion contract to build a residential development in Hong Kong.
The project, based in Tsuen Wan, will include the construction of seven residential towers along with retail and recreational facilities, the FTSE 250-listed construction and support services company said.
It is expected to be completed in 2018.
Gammon Construction is Balfour's joint venture with Jardine Matheson Holdings.
"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," said Balfour Chief Executive Leo Quinn.
By Sam Unsted; [email protected]; @SamUAtAlliance
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