Examples of RE Project in a sentence
In anticipation of the commencement of the main construction works for the GNSR Expressway R&E Project, GNSR Company has undertaken the standardized tender and bidding process through the Guangzhou Public Resources Trading Center and on 17 October 2023 (after trading hours), issued the letters of award to the respective Contractors (being the winning bidders for each of the tenders) for the main construction works under the GNSR Expressway R&E Project.
Furthermore, in connection with the commencement of the main construction works for the GNSR Expressway R&E Project, GNSR Company has also undertaken the standardized tender and bidding process and on 17 October 2023 (after trading hours), issued a letter of award to the winning bidder, namely Chengxin S&C, for supervisory works for the construction works under the GNSR Expressway R&E Project.
Reference is made to the announcements of the Company dated 17 October 2022, 28 November 2022, 10 January 2023, 28 February 2023 and 20 March 2023 and the circular of the Company dated 22 December 2022 regarding the Land Expropriation Agreements and the Preliminary Construction Works Agreement for the GNSR Expressway R&E Project.
Based on the construction plan and design for the main construction works as approved by the Department of Transport of Guangdong Province in September 2023, the total length of the GNSR Expressway R&E Project is approximately 38.3km, with construction standards set at a two-way, ten- to twelve-lane expressway with a design speed of 100km/h.
By undertaking the GNSR Expressway R&E Project, it is expected that the asset quality of GNSR Expressway will be effectively improved, the remaining concession period may be extended, the scale of the Company’s expressway assets will be expanded, the Company’s future development capacity of its principal toll road business will be enhanced, and the Company’s core advantages in the investment, construction, operation and management of toll roads may be strengthened.
Upon execution of the Preliminary Construction Works Agreement in November 2022, the construction works for the preliminary works portion of the GNSR Expressway R&E Project has commenced.
It is anticipated that the Group may enter into further transactions contemplated under the GNSR Expressway R&E Project with different parties.
Based on the latest plan, the major works of the GNSR Expressway R&E Project are expected to complete, and therefore the GNSR Expressway R&E Project is expected to open to traffic, within 2028.
Furthermore, upon the execution of the Land Expropriation Agreements in early 2023, land expropriation works for the GNSR Expressway R&E Project have been under way and certain land has been expropriated and are expected to be delivered shortly after the land use approval of the Ministry of Natural Resources (which is expected to be obtained within 2023), and such land will be used for the reconstruction and expansion works.
As such, the GNSR Company intends to commence the major construction works, which are necessary and integral to the GNSR Expressway R&E Project.