LONDON (dpa-AFX) - Balfour Beatty plc (BBY.L) announced Wednesday that its 50:50 joint venture, Gammon, has been awarded a HK$2.67 billion or about 246 million pounds residential development contract in Hong Kong.
The contract is on behalf of Chinachem Group for the development of four residential towers in Kowloon, Hong Kong.
Gammon will be responsible for the construction of 845, one-to-three-bedroom apartments, located atop the Mass Transit Railway or MTR Ho Man Tin Station, an underground station serving Kwun Tong Line and Tuen Ma Line.
The construction works are due to commence later this year with completion scheduled for 2024. At construction peak, the project will employ a team of 1,500.
The JV will utilise off-site, precast methods for the delivery of the building's facade as well as a digital supply chain dashboard, known as 'STAMP', to effectively monitor both the delivery and installation of materials.
Gammon will also deploy its quality control solution 'Inspecto', a cloud-based platform that covers the site inspection process among contractors, consultants and clients. It will also record and protect data.
In London, Balfour Beatty shares were trading at 275.01 pence, up 1.03 percent.
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