Logo of Phnom Penh Post newspaper Phnom Penh Post - Gold Tower 42 owner promises to finish work



Gold Tower 42 owner promises to finish work

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

Gold Tower 42 owner promises to finish work

The owner of the Gold Tower 42 development project has restated his promise to finish constructing the massive building, with construction to restart in 2018.

Seng Load, spokesperson for the Ministry of Land Management, Urban Planning and Construction, said YUNWOO, the company behind the project, sent a letter to the ministry in August stating that they would construct the building in the next six months, leading officials to believe that the development was started earlier this year.

“Nevertheless, I’m still not sure whether the promise will come to life or not,” Seng said. “Please don’t be hasty in your publication, because this owner has issued the same statement numerous times already, but none of those statements have been realised.”

YUNWOO has promised to restart the project many times but has repeatedly failed to follow through, with delays stopping the project time and again. The company claimed to spend $240 million on construction using South Korean construction company Hanil Construction.

Experts said they were optimistic about the building’s prospects if it is ever finished.

Kim Heang, head of the Cambodian Valuers and Real Estate Agents Association, said the project would be successful if it were restarted because it is located in a prime Phnom Penh location and is adjacent to all of the major boulevards.

“Nonetheless, the company developing this building should gather the trust and confidence of the people before putting units up for sale because they’ve already lost a lot of people’s trust,” he said.

The building was started at the height of the world’s economic crisis in 2008 and was rebuilt in 2010. They finished 32 stories of the building before construction was halted again.

MOST VIEWED

  • Kingdom's Covid cluster cases jump to 194

    The Ministry of Health on February 25 confirmed 65 new cases of Covid-19, with 58 linked to the February 20 community transmission. The latest cluster cases include nine Vietnamese nationals, five Cambodians, one each from Korea, Singapore and Japan, with the rest being Chinese. This brings the total number

  • Locations shut, dozens more Covid-19 positive

    The Ministry of Health has closed 23 locations in connection with the February 20 community transmission of Covid-19 and summoned for testing anyone who had direct contact with affected people and places. The number of discovered related infections has risen to 76, including 39 women. In a press release,

  • Cambodia's Covid cluster cases rise to 137

    The Ministry of Health on February 24 recorded 40 more cases of Covid-19, with 38 linked to the February 20 community transmission. Of the 40, two are imported cases involving Chinese passengers. The 38 include two Vietnamese nationals and one Cambodian, with the rest being Chinese. This brings the total cases

  • Covid cluster raises alarm, health bodies urge vigilance

    The Ministry of Health and the World Health Organisation (WHO) in Cambodia have expressed great concern over the February 20 cluster transmission of Covid-19 in the community. Both entities appealed for vigilance and cooperation in curbing further spread of the virus. Ministry spokeswoman Or Vandine said

  • PM confirms third Covid-19 community transmission

    Prime Minister Hun Sen on February 20 announced the Kingdom's third outbreak of Covid-19 community transmission after 32 people tested positive in just over 10 hours. Addressing the public from his residence after an emergency meeting, Hun Sen said: "I dub it February 20 Community Event, in which 32 cases

  • AstraZeneca jabs touch down in Phnom Penh airport

    The first shipment of 324,000 doses of the AstraZeneca/SII vaccine which was provided through the Covid-19 Vaccines Global Access (COVAX) Facility was delivered to Phnom Penh International Airport on March 2. The rest of the COVAX provided vaccines will arrive in Cambodia at a later date.