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Lack of progress continues to plague Gold Tower 42

Gold Tower 42 remains in hibernation mode.
Gold Tower 42 remains in hibernation mode. Hong Menea

Lack of progress continues to plague Gold Tower 42

Gold Tower 42 continues to remain dormant despite earlier promises from the developers of the condo that construction would resume this month.

Last October, Post Property reported that Korean company Yon Woo Co. Ltd. had given their word – for the fourth time – to pick up their scraps and continue building the skyscraper in February 2017. To date, no construction work has taken place.

Stop-start construction at Gold Tower 42 has been playing out for years with the final ten storeys of the development still awaiting their fate.

Lao Tip Seiha, under-secretary of state of the Ministry of Land Management, Urban Planning, and Construction (MLMUPC), said the government was keener than ever to see the project completed.

“The ministry wants this project to resume to enhance the view of Phnom Penh and to show the world the growth of real estate sector in Cambodia,” he said.

When pressed on whether the project will ever come to fruition, Seiha remained positive.

“I think this project will resume,” he said.

“It’s only a matter of time. I will be watching the development of this building.”

Director of HBS law firm, Lee Taiseng, who is representing Gold Tower 42’s investors, refused to comment on any projected construction re-start timeframe to Post Property.

“It’s my company’s confidential information which I cannot disclose,” he said.

Mar Samborana, a lawyer who purchased a shopping booth in the mall section of Gold Tower 42 for about $200,000, said that he has not received any update on the status of the project from the owners.

Samborana, who has already paid 10 percent of the booth’s total price, however, seemed unfazed by the dormant development’s lack of progress.

“I’m not worried about the suspension of this project because this is a big building and the land prices surrounding it have been boosted,” he said.

The Gold Tower 42 project was once tipped to be Cambodia’s tallest building – at 192 metres high – when it initially broke ground in 2008. While construction came to a halt at the height of the global financial crisis in 2009, the development has been stop-start for years.

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