Financial close was reached for the new Institute of Technical Education (ITE) College West, Singapore.
This new college forms part of the ‘One ITE System, Three Colleges’ plan. This comprises the existing ITE College East, opened in August 2004, and the soon to be built ITE College Central, scheduled to be built by 2015.
The ITE College West project has a concession period of 27 years and a capital value of around S$300 million. Construction is scheduled for completion in 2010, with its first intake of students in July of that year.
Balfour Beatty has a 50% interest in both the special purpose company, Gammon Capital, and the construction subcontractor Gammon Construction. HSBC acted as financial advisors and Operis conducted financial model due dilligence leading to financial close.