Logo of Phnom Penh Post newspaper Phnom Penh Post - Lack of progress continues to plague Gold Tower 42

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.

MOST VIEWED

  • US to ramp up sanctions after ‘flawed’ national polls

    At a press conference on Wednesday, the US State Department announced that it would expand visa sanctions on the Cambodian officials and individuals it deems responsible for “undermining democracy” in Cambodia. At the briefing, spokesperson Heather Nauert reiterated that the department regarded the July 29 elections

  • Final poll results confirm first single-party Assembly

    IN an unprecedented situation in Cambodian politics, the official results of the July 29 national elections have declared that the Cambodian People’s Party (CPP) will take all 125 seats in the National Assembly on the back of it receiving 76 per cent of the votes. The National

  • Chinese influence to sweep Kingdom?

    Growing Cambodia-China ties have seen the latter’s influence sweep across the Kingdom through increased investments and tourism. The Asian giant has become the leading source of foreign funds in Cambodia, fuelling the construction sector with huge casino and hotel projects. Much of the growth

  • PM's Bodyguard commander hits back at US

    The commander of Prime Minister Hun Sen’s Bodyguard Unit (BGU) Hing Bun Heang on Sunday dismissed a short video clip that went viral on social media in which he says he is preparing for a war with the United States over its aggressiveness towards