Balfour Beatty announced today that its Hong Kong subsidiary Gammon Construction has won two building contracts worth a total of $500m.
Gammon, an equal joint venture with the Jardine Matheson conglomerate, was awarded a $360m contract for a public rental housing development in Tuen Mun in the New Territories, which will provide about 4,600 flats in towers 33 to 38 storeys in height. The project, which is being let by the Hong Kong Housing Authority, will be completed by 2017.Â
The project is part of the Hong Kong government’s plan to provide 470,000 units over the next decade, with public housing accounting for 60% of this growth.
The second contract, valued at $140m, involves the construction of two research laboratories for the Hong Kong Science Park. The project will meet the LEED Platinum standard, and will be completed by the end of 2015.
Steve Marshall, the chairman of Balfour Beatty, said: "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."
The firm’s string of recent project wins in the US, Canada and now Hong Kong comes inÂ marked contrast to its difficulties in the UK market, where the poor performance of its M&E arms have led to a number of profit warnings over the past two years.