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Logo of Phnom Penh Post newspaper Phnom Penh Post - Vattanac tower in govt push for resolve

Vattanac tower in govt push for resolve

Government officials inspected the US$100 million Vattanac Tower construction site last Thursday, after visiting Gold Tower 42, Camko City, Canadia Tower and NagaWorld.

The officials also visited Grand Phnom Penh International City to persuade and cooperate with developers to push ahead with their plans despite the impact of the global financial crisis.

Lao Tip Seiha, director of the Construction Department at the Ministry of Land Management, Urban Planning and Construction, said the ministry is planning to inspect all construction sites in Phnom Penh, at a rate of two sites per month, to strengthen relationships and persuade the owners of the buildings to be optimistic and confident about the sale or rent of their projects.

"The world financial crisis has even hit our country - especially the construction sector - but some big construction companies still continue with their projects, as we see with Vattanac Tower still under way," he said.

"We [the ministry] are planning to go down to examine the prospects of two constructions site per month, to strengthen the cooperation and persuade the foreign investors in the construction sector to feel good and confident about their projects," Lao Tip Seiha told the Post Thursday.

Sam Ang Vattanac, executive director of Vattanac Tower, said he welcomed the ministry's coming to inspect the Vattanac construction site.

"It is good, I'm happy and welcome the Ministry of Land Management to come down and see our construction,"Sam Ang Vattanac said.

"We will follow the rules from the ministry to make a good quality of construction."

Construction on the 38-storey Vattanac Tower started in 2009 and is due for completion in 2011. The tower is being built on 11,800 square metres of prime land in the Daun Penh district on Monivong Boulevard.

It will house the head office of Vattanac Bank, a business centre and Vattanac Capital.

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