A joint venture between Balfour Beatty and Gammon Construction has secured a £270m contract to build a residential project in Hong Kong.

TW5 Cityside Property Development has awarded the project, which is being developed for Chinachem Group.

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Under the contract, the partnership will build seven residential towers ranging from 12 to 40 storeys, including retail and recreational facilities.

"The private housing sector will, on average, produce over 14,500 flats each year in the next five years, representing an increase of about 30%."

The entire residential project will have a floor area of 112,000m² to accomodate 900 residential apartments. Scope of work also includes public transport interchange and five footbridges.

The project is expected to be completed by 2018.

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Balfour Beatty group chief executive Leo Quinn said: "This project reflects the continuous growth in the residential market across Hong Kong.

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"The government has projected that the private housing sector will, on average, produce over 14,500 flats each year in the next five years, representing an increase of about 30% compared to the last five years."

Gammon Building Construction secured a HK$3.91bn ($504m) contract last year to build a public rental housing development for Hong Kong Housing Authority at Tuen Mun, and a research and development office at Hong Kong Science Park Phase 3c.

The housing development involves construction of five buildings spanning 33 to 38 storeys to create 4,600 flats for rental.

Construction of the public rental housing project commenced in June 2014 and is scheduled to be completed between 2016 and 2017.