Construction on The Peak to continue after months of controversy

The 55-story skyscraper known as “The Peak”, a project by Oxley Gem, will soon resume construction following the temporary suspension of the project due to a dispute with Sino Great Wall International Engineering Co., Ltd.

Earlier in 2016, Oxley Gem signed a contract with an engineering company, Sino Great Wall International Engineering Co., Ltd. known as SWG.

During the contract period, SGW displayed poor financial management, causing problems and delays with the construction. Due to the inability to finish the project on time, Oxley decided to terminate the contract with SGW in October 2019.

By December 2019, Oxley Gem announced a new partnership with China Railway Urban Construction Group Co., Ltd. known as CRUCG, a company with a good financial record and performance.

However, SGW broke the contract and refused to leave the project site, asking to solve the dispute through legal intervention, meaning CRUCG was unable to enter the project site and further delaying the project.

Oxley Gem asked the Phnom Penh Municipal Court of Appeal to issue a preserving and enforcing the legal rights of the project developer, dated on 14 February 2020, ordering SGW staff to leave the project site immediately.

After several conflicts with the SGW authorities, the SGW team was finally escorted from the project site.
As of today, Oxley Gem is fully capable of taking over and managing the project site, and CRUCG can now start construction allowing the project to be finished soon.

According to the official website of “The Peak”, the project is expected to be completed between June and December 2020. In 2018, CapitaLand, one of Asia’s largest real estate companies based in Singapore, signed an agreement with local Cambodian company Worldbridge Land to manage its mall as part of the project. (Read more)

 

- Video Advertisement -

Related Post

Cambodia Unveils Modern National Assembly Building with USD25 Million Vietnamese Aid

Cambodia has inaugurated a modern National Assembly administration building, constructed with a USD25 million aid package from Vietnam. The ceremony, held on 21 November 2024, was attended by Samdech Khuon Sodary, President of Cambodia’s National Assembly, and His Excellency Tran Thanh Man, President of the National Assembly of Vietnam, symbolising the enduring friendship between the […]

Brunei’s Khazanah Nasional Targets Multi-Sector Infrastructure Investment in Cambodia

Khazanah Nasional Berhad, a leading investment firm from Brunei Darussalam, has announced plans to explore infrastructure investment opportunities in Cambodia, focusing on health, water resources, transport infrastructure (including railways and airports), and banking. This initiative was discussed during a meeting between PM Hun Manet and Khazanah’s CEO, Mr. Dato Khairul Hamed, on 19 November 2024. […]

Japan Invests Over USD40 Million in Cambodia, Enhancing Economic Partnerships in 2024

Japan has invested over USD40 million in Cambodia during the first ten months of 2024, reaffirming its position as the seventh-largest investor in the country. This development was highlighted in a report by the Council for the Development of Cambodia, released on 19 November 2024. To further strengthen bilateral economic ties, the Cambodian Duke Association […]

Chinese Investor Zhongjiao Tongli Expands Agricultural Ventures in Ratanakkiri and Mondulkiri

China’s Zhongjiao Tongli has announced plans to invest in large-scale cultivation of bananas and mangoes across Cambodia’s northeastern provinces of Ratanakkiri and Mondulkiri, signalling a significant boost for the nation’s agricultural sector. The announcement followed a meeting between PM Hun Manet and Mr. Zhongdi Sun, President of Zhongjiao Tongli, on 6 November 2024, in Kunming, […]

Korean Firm Heungkuk Industry Eyes Investment in Cambodian Cashew Processing Sector

Heungkuk Industry, a leading South Korean construction materials manufacturer, is set to invest in Cambodia’s burgeoning cashew processing sector. The commitment was unveiled during a meeting on 19 November 2024 between HE Vongsey Visoth, Deputy PM overseeing the Office of the Council of Ministers, Mr. Lee Kee Yun, Director of Heungkuk Industry, and Professor Lee […]

ARK Electronics Group Unveils USD1.3 Billion AI driven Industrial Park Project in Kampong Speu

ARK Electronics Group, a leading Chinese company, has announced an ambitious USD1.3 billion investment to establish a 1,000-hectare industrial park in Kampong Speu Province, set to transform the province’s industrial landscape. The announcement followed a high-level meeting between HE Dr. Cheam Chansophoan, Governor of Kampong Speu Province, and Ms. Chang Venza, General Director of ARK […]