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

  • 12th Cambodia int’l film festival to see return of Hollywood star

    Phnom Penh is set to come alive with the magic of cinema as the highly anticipated 12th Cambodia International Film Festival (CIFF) takes centre stage. Boasting an impressive line-up of 188 films from 23 countries, including captivating shorts, feature films, documentaries and animation, the festival promises an

  • Bareknuckle champion wants Kun Khmer fighter

    Dave Leduc, who is the current openweight Lethwei boxing champion in Myanmar, has announced that he will travel to Cambodia this year to challenge SEA Games gold medallist Prum Samnang any time that is convenient, after their planned match later this month in Slovakia was

  • Brawl marrs football final as Indonesian take gold in seven goal thriller

    The Indonesian men's U22 men national football team were crowned champions of the 32nd SEA Games in Cambodia, defeating Thailand 5-2 in extra time on May 16 at Olympic National Stadium in Phnom Penh. The match was marred by an ugly incident that occured in the 91

  • Candlelight Party disqualified from July general election

    The National Election Committee (NEC) has disqualified the Candlelight Party (CP) from contesting the upcoming general election, citing a lack of valid documentation. NEC spokesman Khorn Keomono said the CP failed to fulfil one of the three main requirements: including original documentation proving their registration

  • 1.4 billion dollar Phnom Penh-Bavet expressway due in four years

    The Government, through the Ministry of Public Works and Transport, has officially signed a public-private partnership agreement with a private company for the construction of a Phnom Penh-Bavet Expressway project that will connect the capital to Svay Rieng province. The budget for the project is

  • New Law on Taxation comes into effect

    Cambodia has enacted the eagerly-awaited new Law on Taxation, which aims to improve the national tax regime’s compliance with present and future international standards and economic conditions; encourage accountability, effectiveness and transparency in the collection process; and promote investment in the Kingdom. King Norodom