Balfour Beatty has become the second contractor to walk away from Chinese developer Dalian Wanda Group’s One Nine Elms development near Vauxhall in London.
Balfour Beatty singed a pre-construction services agreement in July with the developer to build the £1bn landmark twin tower luxury residential scheme.
Balfour Beatty beat rival Multiplex on the job after the massive project was rebid when a joint venture of Interserve and China State Construction Engineering Corporation abandoned the project in April.
In a joint statement issued today Balfour Beatty and Wanda One said they had failed to agree terms on the main build contract.
“We can confirm that Balfour Beatty’s pre-construction services agreement with Wanda One (UK) for the main contract for the One Nine Elms development comes to a close in ten days’ time.
“Wanda One (UK) and Balfour Beatty will not be proceeding to a full contract award for the development.”
It is understood that Dalian Wanda is now in talks with Multiplex about bringing the project forward.