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Gammon Capital Wins PPP Project in Singapore

Gammon Capital announced that it has been awarded the contract to build the new Institute of Technical Education (ITE) College West in Singapore. The Public Private Partnership (PPP) project, which has a contract period of 27 years and a capital value of approximately US$190 million (HK$1,480 million), is scheduled to be completed in time for its first intake of students in July 2010.

Initial construction of the college, which will be ITE's second mega campus, will be undertaken by Gammon Construction, which, like Gammon Capital, is owned jointly by Jardine Matheson and Balfour Beatty.

Commenting on the appointment, Mark Greenberg, Chairman of Gammon Capital, said "We are delighted with the opportunity to play a key role in the next stage of ITE's development as a global leader in technical education. This is our first PPP project in Singapore and is an important step in our strategy of creating sustainable PPP businesses in the region."

Gan Kim Yong, Singapore's Minister of State for Education, said, "The new college reaffirms the Government's strong commitment to providing international quality and standards technical education and training."

ITE, a statutory board under Singapore's Ministry of Education, is a post-secondary institution that provides pre-employment training to secondary school leavers, and continuing education and training to working adults. Said Yew Tiek Ming, ITE's principal, "The new college is purpose-built to support the growth of the hospitality and tourism sector."

Gammon Capital was formed in 2005 to pursue PPP projects in Asia, with an initial focus in Singapore, where the company is based. Gammon Construction is Hong Kong's largest and most successful contractor. It has a substantial existing presence and long-term experience of working in Singapore. The company has annual revenue of approximately £500 million (HK$7,700 million) and employs over 2,000 full-time staff.

Issued by the Corporate Communications Department of Gammon Construction Limited. For further information please contact:

Candy Chan    Tel: + 852 2516 8733