XN000022-1992-05-07 — Page 2

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THURSDAY, MAY 7, 1992

TSING MA BRIDGE CONTRACT TO BE AWARDED

CONTRACT

HAS THE GOVERNMENT

DECIDED TO AWARD THE

FOR THE CONSTRUCTION OF THE TSING MA BRIDGE TO THE ANGLO-JAPANESE CONSTRUCTION

JOINT VENTURE.

HAS

BOARD, COMMITTEE.

THE CONSORTIUM'S FIXED PRICE LUMP SUM OFFER OF $7,144 MILLION

CENTRAL BEEN ACCEPTED BY THE GOVERNMENT ON THE ADVICE OF

SUBJECT TO ADEQUATE FUNDS BEING MADE AVAILABLE

BY

TENDER FINANCE

帏

"THE ANGLO-JAPANESE CONSORTIUM HAS SUBMITTED THE LOWEST ACCEPTABLE TENDER AND IS THE CLEAR WINNER ON THE BASIS OF PRICE, RELIABILITY FOR COMPLETION ON TIME, AND

WITH OUR CONFORMITY

SPECIFICATIONS,

AND

TREASURY SAID MR K.Y. YEUNG, SECRETARY FOR THE CHAIRMAN OF THE CENTRAL TENDER BOARD.

"THE

TERMS.

THE

FIXED LAST JULY.

LANTAU

$7,144 MILLION PRICE IS FIXED IN MONEY OF THE DAY THIS IS WITHIN OUR $7,186 MILLION MONEY OF THE DAY EQUIVALENT OF AMOUNT WE HAVE ALLOWED FOR THE TSING MA BRIDGE IN THE CROSSING

ESTIMATE APPROVED BY FINANCE COMMITTEE PROJECT THAT AMOUNT, AT MARCH 1991 PRICES, WAS $5,197 MILLION.

"WE

THE

FOR HAVE NOT ACCEPTED THE LOWEST OF THE FOUR TENDERS PROJECT. THIS AMOUNTED TO $4,713 MILLION AND WAS SUBMITTED BY HYUNDAI ENGINEERING AND CONSTRUCTION CO LTD.

"IT HAS

NOT BEEN ACCEPTED PRIMARILY BECAUSE HYUNDAI HAS ABLE TO MEET OUR STANDARD REQUIREMENTS FOR WORKING AND

BEEN CAPITAL.

NOT

EMPLOYED

"THESE CAPITAL REQUIREMENTS ARE A PREREQUISITE BEFORE THE AWARD OF A THEY ARE NEEDED TO AVOID THE RISK ANY GOVERNMENT CONTRACT. COMPANY FAILING TO COMPLETE A CONTRACT BECAUSE IT RUNS SHORT OF FUNDS.

OF

THIS

"THE GOVERNMENT HAS APPLIED THE SAME RIGOROUS ASSESSMENT

TO EACH OF THE FOUR PROCEDURES

INTERNATIONAL

FOR TENDERERS CRITICALLY IMPORTANT AIRPORT CORE PROGRAMME CONTRACT.

"THERE HAS BEEN A STRINGENT AND SCRUPULOUSLY FAIR ASSESSMENT WHICH HAS INCLUDED THE TENDERERS' PRICES

THEIR AND PROPOSALS,

ΤΟ EXPERIENCE

ABILITY IN SUSPENSION BRIDGE CONSTRUCTION, AND THEIR

MR YEUNG COMPLETE THE CONTRACT ON TIME TO THE STANDARDS WE REQUIRE,' SAID.

IT

AND

CENTRAL

THE TSING MA BRIDGE WILL CARRY BOTH ROAD AND RAIL TRAFFIC WILL BE ONE OF THE WORLD'S LONGEST SUSPENSION BRIDGES, WITH A SPAN OF 1,377 METRES.

IT IS THE FIRST AND BIGGEST OF FIVE MAJOR CONTRACTS TO BE FOR THE LANTAU FIXED CROSSING, WHICH IS A CRUCIAL SECTION OF THE AND RAIL LINKS TO THE NEW AIRPORT AT CHEK LAP KOK.

LET

ROAD

/WORK MUST