The Peak project will continue the construction after months of controversy
The Peak project will continue the construction after months of controversy
The 55-story skyscraper known as “The Peak”, a project by Oxley Gem, will soon resume construction as the project is temporarily suspended due to the 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 had poor financial management, causing problems and delayed with the construction. Seeing 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 good financial conditions.
However, SGW broke the contract and refused to leave the project site, asking to solve the disputes through legal interventions, causing CRUCG unable to enter the project site and further delay 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 could start on the 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, has recently signed an agreement with local Cambodian company Worldbridge Land to manage its mall as part of the project. (Read more)
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Source: construction property news