Construction resumes at Gold Tower 42

17 Mar 2018  2049 | Cambodia Travel News

KT/Chor Sokunthea

Construction of controversial building Gold Tower 42 has resumed, with developers assuring the government it will be finished by the end of 2019.

Seng Lot, spokesman for the Ministry of Land Management, told Khmer Times that the building is again under construction after the developer was pressured by the authorities to finish the berated project.

“We want the company to finish what they started. We didn’t want this situation to go on any longer,” Mr Lot said, adding that the government has sent a clear signal to other developers warning them against letting their projects sit idle, as this situation can discourage investment in the sector.

The 42-storey building is located in the heart of Phnom Penh, on the intersection of Monivong and Sihanouk boulevards. It is a multi-purpose commercial centre with five floors of underground parking space, three floors of retail space, nine floors of offices and 399 condominium units.

The project, developed by Yon Woo Cambodia, began in 2008 and has already been delayed three times: first in 2009, following the global financial crisis, and again in 2012. Construction resumed in 2013 and then stopped again in March last year. Despite these postponements the tower has reached 31 floors.

Yon Woo Cambodia – the company that owns the building – reached an agreement with Shenzhen Hongtao Decoration and Waiman Construction & Engineering in November last year to complete the project.

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