While firm's US PPP subsidiary reaches financial close on £105m military housing project
Gammon Construction, Balfour Beatty's joint venture company in south-east Asia, has been awarded a £230m contract for road improvements in Hong Kong.
The reconstruction and improvement of a 6.8km section of Tuen Mun Road includes widening traffic lanes, provision of hard shoulders and verges, and construction of highway structures, drainage works, slope works and landscaping works.
Meanwhile, Balfour Beatty Communities, the company's US PPP subsidiary, reached financial close for an initial five-year £105m development period for a privately financed military housing project at Fort Jackson in South Carolina.
The five-year period is part of a 50-year PPP concession for the design, development, construction, renovation and maintenance of 850 housing units. It will be the company's 16th PPP concession.
Ian Tyler, chief executive of Balfour Beatty, said he was excited by both projects: “Infrastructure investment in Hong Kong and Singapore is accelerating, particularly in the transport sector, and Gammon's position as the largest construction company in Hong Kong and a major player in Singapore provides exciting potential for further growth.”
He added that the US division acquired by the firm earlier this year had “closed three PPP military accommodation deals in the last four months at a total value approaching $800m and is in exclusive negotiation relating to a further family housing project”.