23 October 2019- Oxley Gem (Cambodia) Co., Ltd, (“Oxley Gem”) being the developer of The Peak Hotel mixed development Project (“Project”) located at Sam Dach Hun Sen Road, Tonle Bassac Commune, Chamkarmorn District, Phnom Penh City, is pleased to announce that a new main contractor has been appointed to take over the existing construction of the project.
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 Co., Ltd (“SINO”) a letter of termination on 14 October 2019 in order to allow a competent and financially sound main contractor to smoothly continue the construction of the Project without any stoppage of construction work.
This is a strategic decision which Oxley Gem decided to undertake after concerted efforts to assist SINO has failed to show significant results.
In so doing, Oxley Gem shall be able to ensure no undue further delay will be caused to the targeted completion and handover date to our prestige partners and investors.
We are currently working closely with SINO to ensure all their staff and sub- contractors are duly paid for their work done. This remains the top priority of Oxley Gem to safeguard and protect the interests of the affected parties.
At the same time, Oxley Gem has also received the confirmation that the new main Contractor will be meeting all the affected parties to review their scope of work and negotiate new work contracts with them to the best extent.
On behalf of the Company and all stakeholders involved in the Peak, we wish to state that the project will not in any way be affected by this termination of SINO and replacement of main contractor. It remains our utmost mission to deliver our project in the highest possible quality and standard to the satisfaction of their expectations.