New deal inline with contractor’s strategy to expand PPP businesses in selected geographic markets
UK contractor Balfour Beatty has sealed the deal on a £100m PPP project in Singapore.
The group said that Gammon Capital, its PPP vehicle in South East Asia, had reached financial close for the new Institute of Technical Education (ITE) College West.
The scheme will see new facilities built for around 15,000 students and 630 staff. Plans include training rooms, workshops, laboratories and lecture theatres plus a training restaurant, hotel and sports facilities.
Ian Tyler, Balfour chief executive, said the deal will play a key role in developing technical education in Singapore.
He said: “This is a further important step in our strategy of creating sustainable PPP businesses in selected geographic markets.”
The project, which is Gammon’s first PPP win, is scheduled to complete in 2010 and has a contract period of 27 years. The first intake of students will be in July that year.
Construction will be carried out by Gammon Construction, in which Balfour Beatty has a 50% interest.