Balfour Beatty clinches HK$3.2bn contract for development in Hong Kong

 
Jessica Morris
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Balfour Beatty has clinched a HK$3.2bn (£268m) contract (Source: Getty)

Balfour Beatty has clinched a HK$3.2bn (£268m) contract for a joint venture with Gammon Construction for the construction of a major residential development in Hong Kong.

It will create 900 residential apartments through the building of seven blocks, alongside retail and recreational facilities. The project, which also involves building a public transport interchange and five footbridges, will complete in 2018,

"This project reflects the continuous growth in the residential market across Hong Kong," Leo Quinn, Balfour Beatty's chief exec, said. "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."

Chinachem Group developed the project, and the contract is with TW5 Cityside Property Development.

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