Taipei, Feb. 22 (CNA) The consortium that won the tender to build the Taipei Twin Towers has failed to put up a performance guarantee by the required deadline, losing its right to undertake the major development project, the Taipei City government said Friday. The consortium led by Taipei Gateway International Development Co., Ltd. failed to deposit the NT$1.89 billion (US$63.69 million) required to an account designated by the city government by midnight, the deadline for signing the contract for the project. The company will also lose its bid bond of NT$130 million. The city government will now negotiate with the company that finished second in the bidding -- BES Engineering Corp. -- to undertake the over NT$70 billion project. BES Engineering had questioned the qualifications and financial strength of Taipei Gateway International Development when the consortium was awarded the project in October 2012. The Twin Towers will serve as the hub for the MRT line that will connect Taipei to Taiwan Taoyuan International Airport