Taipei Gateway's Twin Towers Bid Collapses
News: Taipei Gateway International Development's bid to construct the Taipei Twin Towers project in Taiwan has collapsed, after the company failed to meet the stipulated terms of the contract after winning the tender. The company, acting as a member of a consortium, was required to wire funds equal to 3% of the total construction cost to a designated bank account belonging to Taipei's Department of Rapid Transit Systems (DORTS) by February 22 2013, but failed to meet the deadline. Taiwan will now work with the second priority bidder, BES Engineering Corp, to undertake the project, according to DORTS Commissioner Richard Chen. The project will cost TWD1.89bn (US$63.68mn).