Multi-stage handovers for mixed developments are common in Cambodia and Singapore, and Oxley Holdings’s subsidiary adopted the process in August for its project called The Peak with regulatory permission, the property developer said in a clarification announcement filed on the Singapore Exchange website on Friday night.
Oxley issued the clarification in response to an article published on Friday by The Business Times (BT), which had reported buyers’ concerns about the developer’s lack of transparency and its financial position.
Oxley said the retail podium in the mixed-use development in Phnom Penh has been completed on schedule, with the residential and office components to be completed in early 2021. Its subsidiary Oxley Gem (Cambodia) (OXG) started handing over the indoor retail units on Aug 14, after it received permission to do so on Aug 10 from Cambodia’s general department of construction in the Ministry of Land Management, Urban Planning and Construction.
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