China Railway Urban Construction Group (CRUCG) has been announced as the main contractor of Phnom Penh’s mixed development project The Peak.
Oxley Gem (Cambodia), the developer of The Peak, on Saturday confirmed that CRUCG will be taking over the projet’s construction, replacing Sino Great Wall International Engineering (SINO).
In a statement on Saturday, Oxley Gem said it is working closely with SINO on the final phase of the handover process, with CRUCG assuming control of the project by Friday.
“On behalf of the Company and all stakeholders involved in The Peak, we wish to assure that the projected completion date of this project will not in any way be affected by this termination of SINO and replacement of the main contractor,” Oxley Gem said.
SINO was terminated to “allow a competent and financially sound main contractor to smoothly continue the construction of the project without any stoppage of construction work,” according to the developer.
The Peak is a joint venture between Oxley International Holdings and Worldbridge Land. It is located in Tonle Bassac, in the capital’s Chamkarmon district. Construction began in 2015, with the handover expected for Dec 2020.
The Peak is a freehold 55-storey integrated development comprising an office tower, the country’s first Shangri-La Hotel, and two luxury residential towers with 1,014 apartment units.
CRUCG is a wholly-owned subsidiary of China Railway Construction Corporation Limited, a large state-owned construction enterprise listed in Shanghai and Hong Kong in 2008.