Subscribe Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Gold Tower selling fast despite rumored pullout

Gold Tower selling fast despite rumored pullout

Gold Tower selling fast despite rumored pullout



A Gold Tower 42 employee shows a model apartment to Im Chhun Lim (L), Minister of Land Management and Urban Planning and Construction, and Nhim Vanda (2nd L), first vice president of the National Committee for Disaster Management of Cambodia, in this file photo taken January 24, 2008.

Five months after going on the market, 75 percent of the units in Gold Tower 42 have been sold, the developers of Cambodia’s first skyscraper say, denying suggestions that the project’s backers have pulled out of one of the country’s most ambitious construction efforts.

Reports widely circulated in the Khmer-language press say the project has stalled after its South Korean developers abandoned construction, leaving hundreds of depositors in limbo.

“A rumor is only a rumor,” said Lee Sun Hum, director of the Yon Woo company, which is building the $240-million high-rise.

He compared the project to a slandered celebrity, saying, “Our company, being famous, must suffer from rumors created by others – it is not correct information.”

When completed in 2011, Gold Tower 42, which will include a library and medical facilities along with luxury apartments, will dwarf every other building in this low-slung capital.

Cambodia’s leaders are touting it as a symbol of the country’s revival after decades of civil strife.

But the 192-meter tower is only one of a number of large construction projects underway amid an unprecedented building boom that has increased competition among developers courting both foreign buyers and the capital’s emerging middle class.

Some 30 percent of Gold Tower’s buyers are from overseas, said Yon Woo sales manager San Sokseiha, adding that the building’s units were also popular with Cambodian businessmen and high-ranking government officials.

 “Many floors have sold out even before construction started,” he told the Post, describing reports of the project’s turmoil as coming from competing developers.


“These rumors are not correct – there is no problem for the company. It has not abandoned the project.”

– PP Deputy Governor Pa Socheat Vong


Municipal officials also dismissed the rumors about Gold Tower 42, with Phnom Penh Deputy Governor Pa Socheat Vong saying, “This project is still going on, but it takes a long time to construct.”

“These rumors are not correct – there is no problem for the company. It has not abandoned the project,” he told the Post.

Many buyers appear undeterred by the whiff of scandal surrounding Gold Tower 42, saying they regarded the units as a good investment.

“With high buildings like this, Cambodia will attract investors,” said one woman who gave her name as Chakrya, adding that she recently bought one condominium for more than $500,000.


  • Kak Channthy, Cambodian Space Project frontwoman, killed in crash at 38 [Updated]

    Updated 5:05pm, Tuesday, March 20, 2018 Kak Channthy, frontwoman of popular The Cambodian Space Project, was killed Tuesday morning in a traffic accident in Phnom Penh. She was 38. Channthy, the internationally recognised singer-songwriter also known as “Srey Thy”, was reportedly travelling in a tuk-tuk on the city's

  • Australians protest Asean summit visit by PM Hun Sen

    Hundreds of protesters gathered in Sydney’s Hyde Park on Friday to protest against Cambodian strongman Hun Sen, who claimed to have been gifted millions of dollars by the Australian government ahead of a special Asean summit this weekend. An estimated 300 protesters, the majority of

  • One Australian, one Cambodian killed in explosion at military base

    Updated: 5:20pm, Friday 16 March 2018 An Australian tourist and a Cambodian soldier were killed in an explosion on Thursday afternoon at an army base in Cambodia’s Kampong Speu province. The Australian, whom the government initially identified as a technical demining expert in his 40s, and

  • Peeling back layers of prehistory in Battambang

    When the man passed away, he had not yet reached 50. He belonged to a tribe that had settled near the Sangker River in Battambang province, likely cultivating the fields and raising animals. On the side, they hunted for boars, and even turtles, one of which