Balfour Beatty JV Awarded $343 Million Contract to Develop Hong Kong Towers

By Joe Hoppe

Balfour Beatty PLC said Wednesday that its joint venture Gammon has been awarded a 2.67 billion Hong Kong dollar ($343 million) contract on behalf of Chinachem Group to develop four residential towers in Kowloon, Hong Kong.

The FTSE 250 infrastructure group said that as part of the contract, Gammon--a 50:50 joint venture with Asian conglomerate Jardine Matheson Holdings Ltd.--will be responsible for building 845, one-to-three bedroom apartments over the Mass Transit Railway Ho Man Tin Station. Work is due to begin later this year with completion scheduled for 2024.

Balfour Beatty said the project will employ a team of 1,500. It also said it will use several new technologies and solutions, including offsite, precast methods to deliver the building's facade, a digital supply chain dashboard, and Gammon's quality control platform.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

September 29, 2021 05:57 ET (09:57 GMT)

Balfour Beatty (PK) (USOTC:BAFYY)
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