The developer of The Peak, a mixed-use development in Phnom Penh’s Tonle Bassac, yesterday announced that a new contractor has been appointed for the project but did not reveal its name.
In a statement yesterday, Oxley Gem (Cambodia) Co., Ltd, the company behind The Peak project, said the main constructor, Sino Great Wall International Engineering (SINO), has been terminated, and that a new company has been chosen to replace it.
The Peak, managed by Oxley-Gem, is a joint venture between Oxley International Holdings and Worldbridge Land.
The name of the new contractor was not revealed. Oxley Gem said this company will be meeting all the affected parties to review responsibilities and negotiate new work contracts.
It added that the project will not be affected by the termination.
The Peak, located in the capital’s Chamkarmon district, began construction in 2015, with the handover expected for Dec 2020.
It 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.
“In view of our steadfast commitment to the Kingdom of Cambodia, strategic partners and investors of the project, Oxley Gem has issued the existing main contractor Sino Great Wall International Engineering (SINO) a letter of termination on 14 October 2019,” the statement reads
Oxley 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.”
Oxley Gem said it can now ensure buyers that there will be no more delays to the project’s completion and handover.
The company said the decision was made after concerted efforts to assist SINO failed to show significant results.
“We are currently working closely with SINO to ensure all their staff and sub- contractors are duly paid for their work done,” the company said in the statement.
“It remains our utmost mission to deliver our project in the highest possible quality and standard to the satisfaction of their expectations,” it added.