Once again, Gold Tower 42

Content image - Phnom Penh Post
Long plagued by delays, Gold Tower 42 may not stand unfinished forever. Hong Menea

Once again, Gold Tower 42

Abandoned for two years, Gold Tower 42 yet again promised that construction would resume on the long dormant project. This time, however, construction will begin in February 2016 and will be completed by 2018. Similar claims were made earlier this year, when the company promised it would resume construction in March of 2015, with a completion date of 2018.

According to the Ministry of Urban Planning and Construction, Choi Jong Hae, CEO and Chairman of Yonwoo Cambodia Co, Ltd, who owns Gold Tower 42, requested permission to continue construction by sending a letter.

Lao Tip Seitha, Deputy Director General of the General Department of Construction at the Ministry of Land Management, Urban Planning and Construction, confirmed that the ministry had received the letter.

Seng Bunna, CEO of Bunna Realty Group, said that if the project actually begins, yet again, it would be a good sign that the Koreans have faith in the Cambodian market. However, he said that he was unsure if the owner of the property was truly committed to the project.

But, from a construction materials point of view, now would be the logical time to resume construction because the materials, primarily all imported, have declined in value alongside the drop in regional currencies as the US dollar has remained strong, he said.

“Now would be a good time to build, but to attempt to sell, now is not the time,” he said, hinting at the lack of faith investors have in the project.

MOST VIEWED

  • Prince injured, wife dies after accident

    THE wife of former First Prime Minister Prince Norodom Ranariddh, Ouk Phalla, 39, died while the prince was “severely” injured following a road accident in Preah Sihanouk province’s Prey Nub district on Sunday morning, officials said. Rananriddh, who is also the president of the Funcinpec

  • Guards protest dismissals, reject claims of sharing naked photos of child

    Some 20 former security guards at the US Embassy in Phnom Penh protested on Tuesday against their dismissal. They accused their employers of falsely claiming they had viewed and shared child pornography from their mobile phones as grounds for their termination. In total, 32 personnel were dismissed

  • We’re going to Wisney World!

    More than 6,000 mostly Chinese attendees witnessed the inauguration ceremony of a $1 billion Sihanoukville resort project called Wisney World in the capital on Wednesday. The event on Koh Pich, attended by several senior Cambodian government officials, is a joint venture between China’s AMC International and

  • Funcinpec urges probe into deadly Preah Sihanouk accident

    THE Funcinpec party has urged the government, especially the Ministry of Interior, to investigate the traffic accident in Preah Sihanouk province which left Prince Norodom Ranariddh badly injured and his wife Ouk Phalla dead. Funcinpec Vice President You Hokry told reporters at Botum Votey pagoda,