Logo of Phnom Penh Post newspaper Phnom Penh Post - A decade in the making: Work on Gold Tower 42 restarts in Phnom Penh

A decade in the making: Work on Gold Tower 42 restarts in Phnom Penh

Gold Tower 42 has been under construction since 2008.
Gold Tower 42 has been under construction since 2008. Moeun Nhean

A decade in the making: Work on Gold Tower 42 restarts in Phnom Penh

Construction began again on the long-stalled Gold Tower 42 project on Sunday, and the Phnom Penh development is now scheduled to be finished in late 2019 or early 2020.

“After signing the agreements [with two Chinese companies] in November, we had a ground breaking ceremony [on Sunday] to restart the construction,” said a representative of South Korean developer Yunwoo yesterday.

The building, located downtown on the corner of Sihanouk and Monivong boulevards, is set to have five floors of underground parking, a three-storey shopping centre, eight storeys of offices and 29 floors of condominiums.

Construction on the building first stalled in 2008 due to the global economic crisis. Company representatives have previously said they had already spent $100 million on the project and planned to spend $140 million in additional funds before construction ends.

MOST VIEWED

  • All Covid restrictions for inbound travellers lifted

    Cambodia has apparently taken the final step towards full reopening of the country without Covid-19 restrictions by removing all requirements for inbound travellers, who until now had to show health certificates indicating that they have tested Covid-19 negative in the past 72 hours as well as

  • Typhoon Noru brings flash floods – 16 dead

    An official warned that that the 16th typhoon of the season, Noru, had brought heavy rains to areas the Mekong River and flooded thousands of homes in the provinces bordering Thailand. As of September 27, the death toll from the flooding had risen to 16. National Committee

  • Cambodia stands firm on 5PC: No invite for Myanmar to ASEAN Summit this year

    Cambodia has not invited Senior General Min Aung Hlaing, chairman of Myanmar’s ruling State Administration Council (SAC), to the 40th and 41st ASEAN Summit and related meetings scheduled for next month in Phnom Penh. The government will instead invite a non-political representative from Myanmar

  • Mushrooming borey projects and home financing – a cause for concern?

    A spurt in housing developments is typically a sign of a growing economy but underneath all that might lay some anxiety of credit growth as developers offer financing to buyers at higher rates, an activity the central bank identifies as ‘shadow banking’ Earlier this year,

  • Thai Senate delegates in Cambodia to discuss anti-graft co-op

    A delegation from Thailand's Senate was in Phnom Penh on September 28 to meet their Cambodian counterparts to discuss strategies for fighting corruption and enhancing cooperation. The Thai delegates were from its Senate’s Committee on Studying and Inspecting Corruption, Misconduct and Strengthening Good Governance. They

  • Scholarship winner tells secrets to success

    Chhim Chaknineath was awarded the Chevening Scholarship for one year of postgraduate study in the UK for the academic year 2022-2023 along with a group of 10 other outstanding students who applied. She spent more than a year researching and studying – as well as consulting with