Long-delayed Gold Tower 42 gets the go-ahead

After more than four announcements that construction would restart, work is finally set to kick off again on downtown Phnom Penh’s long-delayed Gold Tower 42 project. South Korea’s Yon Woo Co., Ltd formally announced at a press conference that it would resume construction on the benchmark complex early next year after a halt of nearly 10 years.  

After breaking promises to the Ministry of Land Management, Urban Planning and Construction (MLMUPC) - the landmark project developer reached agreement in late November 2017 with two Chinese firms: Shenzhen Hongtao Decoration and Waiman Construction & Engineering. 

he agreement between the developer and the two Chinese firms sealed their strong commitment to complete the massive project, and set a timeline for completion of nearly two years to finish by the end of 2019. 

If everything goes to plan, work on the belated skyscraper will get going in January or March 2018, according to the announcement by the company at the press conference in December. With two Chinese builders on board, the South Korean developer has made a solemn vow to the Cambodian government to complete the building.  

“I promise Prime Minister Hun Sen and the Cambodian people without doubt the project will be ready by the end of 2019, ” President and Chairman of Yon Woo Cambodia Kim Tae Yeon said.  

When he was questioned about making customers feel confident in the construction project after many declarations to restart, Mr. Kim highlighted that units will only be available for sale once the high-rise building is finished. “We are fairly confident, we will succeed,” he said.

Gold Tower 42 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.

According to Mr. Kim, the firm has already spent approximately USD100m on the structure that has already reached 31 floors, and plans to spend another USD140m on completing the project.

Liu Nian Xin, general director of Hengzheng Hongtao Decoration, said the project would be finished as planned and ensure that the skyline will flourish and be a great landmark for the capital. “The outside structure of the building is expected to be concluded by August 2018,” he explained. 

The Phnom Penh Post reported the president of the Cambodian Valuers and Estate Agents Association Dr. Kim Heang as saying that building is in a good location and when complete, it will help to increase the value of the properties around it.

The Yon Woo developer made its final decision to continue developing Gold Tower 42 after a delay of almost 10 years. The project has been suspended in 2008 due to the economic crisis, and was restarted in 2010 before halting again since. 

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