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Logo of Phnom Penh Post newspaper Phnom Penh Post - Developer denies Gold Tower 42 has changed hands

Gold Tower 42 rests along the crossing between Monivong and Sihanouk Boulevards, untouched after almost a decade at 32 storeys.
Gold Tower 42 rests along the crossing between Monivong and Sihanouk Boulevards, untouched after almost a decade at 32 storeys. Heng Chivoan

Developer denies Gold Tower 42 has changed hands

Yon Woo Co. Ltd says it is committed to completing construction of the dormant Gold Tower 42 project and has dismissed rumours it has sold the project to another investor.

Earlier this week, a Ministry of Land Management, Urban Planning, and Construction (MLMUPC) spokesman told Post Property that Gold Tower 42 had been sold to another investor.

The spokesman, who wished to remain anonymous, said that according to the information he received, Yon Woo Co. Ltd. – the building’s developer – had recently sold the project to another Korean investor to carry on the building’s checkered legacy.

However, a representative from Yon Woo Co. Ltd rejected the speculation of a sale, telling Post Property Gold Tower 42 still remained in its hands.

“The company does not intend to sell the project to another company,” the representative added.

While the company remains committed to completing Gold Tower 42, Yon Woo Co refused to shed light on when construction at the project would re-start.

Som Bona, who had purchased a commercial space in the building’s supermarket supposedly to be built on the second level, said he had not received any information on the sale of the project.

Lee Taiseng, head of HBS, the law firm representing the developer, stood firm to what he had earlier told Post Property: “HBS is still representing this investment company; however, we are unable to disclose any information at this time.”

The Gold Tower 42 project was once tipped to be Cambodia’s tallest building – at 192 metres high – when it initially broke ground in 2008. While construction came to a halt at the height of the global financial crisis in 2009, the development has been stop-start for years.

Last October, Yon Woo Co. Ltd. had given their word – for the fourth time – to pick up their scraps and continue building the condo, office and retail skyscraper in February 2017.

However, the development continues to remain comatose.

A previous version of this article initially stated Gold Tower 42 had changed hands. The article has been updated following new comments from Yon Woo Co. Ltd.
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