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

  • South Korea’s first lady brings hope to ill boy

    South Korea’s first lady Kim Keon-hee – wife of current president of the Republic of Korea, Yoon Suk Yeol – met with a 14-year-boy with congenital heart disease during her trip to the Kingdom for the ASEAN Summit. After their meeting it was announced that the

  • Hun Sen gets Covid, shuns G20, APEC summits

    Prime Minister Hun Sen said he has tested positive for Covid-19 in Indonesia, where he is slated to attend the G20 summit in his capacity of the ASEAN chair. In a social media post addressing the Cambodian public, he said: “Before leaving Cambodia, I always

  • Moody’s sets outlook rating to ‘negative’ for Cambodia

    US global rating agency Moody’s Investors Service Inc on November 15 announced that it downgraded Cambodia’s outlook from “stable” to “negative” and maintained its B2 local and foreign currency issuer ratings. “The negative outlook reflects a deteriorating external position as illustrated by the severe

  • Hun Sen’s Covid infection caused by ‘weakened antibody’ after summit

    Prime Minister Hun Sen said exhaustion from heavy workload before and during the recent ASEAN Summit may have led to him contracting Covid-19 due to his weakened immune system, while rejecting speculations that the infection was caused by leaders of some countries who did not

  • Korean first lady paves way for ill boy’s surgery

    A 14-year-old boy with congenital heart disease who was lucky enough to meet with South Korean first lady Kim Keon-hee may get the chance of a lifetime and receive surgery and treatment at Asan Medical Center in Seoul, South Korea. After seeing his plight, many

  • Kingdom’s rice crowned world’s No1

    Cambodia’s Phka Rumduol jasmine variety has been crowned the World’s Best Rice for the fifth time at the TRT (The Rice Trader) World Rice Conference in Phuket, Thailand on November 17, according to leaders of the Kingdom’s apex rice industry body. Phka Rumduol