Balfour Beatty announced today that its joint venture Gammon Construction has won a HK$3.2bn (c.US$412.5m) contract to build a major residential development in Hong Kong (pictured) amid a predicted home-building boom there.
The project in Tsuen Wan involves constructing seven residential towers, ranging from 12 to 40 storeys, as well as retail and recreational facilities. The total construction floor area is 112,000 sq m.
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 is developing 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."