Balfour Beatty JV wins GBP146m Hong Kong project

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Balfour Beatty JV wins GBP146m Hong Kong project

Balfour Beatty joint venture, Gammon Construction, appointed to HK$1.6bn (c.£146m) Lee Garden Three project

Balfour Beatty’s 50:50 Hong Kong joint venture, Gammon Construction, has been awarded a HK$1.6bn contract by Hysan Development Company Limited to construct the Lee Garden Three Project, in the heart of Causeway Bay, Hong Kong.

The project will include the construction of 20 floors of spacious Grade A offices sitting atop a five-level retail podium of shops and a range of food and beverage establishments. There will also be a five-level basement, with around 200 parking spaces.

Lee Garden Three, which is owned and developed by Hysan, will be constructed on the former site of Sunning Plaza and Sunning Court. This will form a part of Hysan’s cluster of commercial buildings in Causeway Bay, fronting Hysan Avenue.

Lee Garden Three will be Hysan and Gammon’s second major partnership in recent years, following the iconic Hysan Place which was also a Hysan-developed commercial complex constructed by Gammon.

“In terms of office space, Lee Garden Three will provide a much needed supply for Hong Kong’s core commercial area,” said Mr. Siu Chuen Lau, Deputy Chairman and Chief Executive Officer of Hysan Development. “Situated below the quality offices will be the retail shops and food and beverage establishments that are part of our Lee Gardens hub. The entire new complex will be an integral part of our Lee Gardens community that attracts both locals and visitors alike. It will add even more value to our ownership cluster here at the Lee Gardens which magnifies our ability to extract synergies among our incredible tenant mix. We are very glad to partner with Gammon again to make Lee Garden Three a top office and retail destination.”

Thomas Ho, Chief Executive of Gammon said, “We are delighted to have been selected by Hysan as the construction partner of this redevelopment project. Our team is committed to delivering maximum efficiency, a smooth running project and minimal disruption to the public.”

Latest construction technologies such as Building Information Modeling, 4D modeling and 3D scanning will be adopted to enhance the project’s environmental friendliness and construction efficiency.

The project is due for completion in winter 2017.

Source: www.balfourbeatty.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.