Construction on The Peak to continue after months of controversy

• Sommana Yan
• 16 March 2020
• Uncategorized
• 6664 Views

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)

 

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