Ministry Orders Gold Tower 42 to Suspend Construction

The Ministry of Land Management, Urban Planning and Construction (MLMUPC) issued a temporary moratorium on the construction of the Gold Tower 42 on 20 November and ordered the company to fulfill the required safety conditions before construction could resume.

The letter ordered Lee Sun-hum, a representative of Yon Woo (Cambodia), the owner of Gold Tower 42, to suspend construction from the date of the issued letter, and instructed him to meet the following criteria:

  • To remove the cargo lift along the public road
  • To work with a specialist company in the field of site security to evaluate and validate the site

Gold Tower 42, located on lot 60 and lot 154 on Preah Sihanouk Boulevard on the corner of Monivong Boulevard, cannot continue construction unless approved by the MLMUPC, the ministry said.

There was recently a case of a metal pole falling from Gold Tower 42 and impaling itself in a car parked in front of a shop near the site. Luckily there were no injuries as a result, but construction laws and inspections have been tightened following the collapse of a building under construction in Sihanoukville.

The 42-storey Gold Tower, worth US$240 million, has been under construction since 2008 and was suspended in 2010 during the global financial crisis.  Construction activities resumed almost a decade later in early 2018 and Yon Woo said the building was expected to be completed by the end of 2020.

- Video Advertisement -

Related Post

Mondulkiri Authorities Launch Extensive Crackdown on Illegal Mining with 56 Sites Targeted

In an intensive crackdown spanning just three days, from 3 to 5 November 2024, the Mondulkiri Provincial Department of Mines and Energy, together with other local authorities, successfully intervened at 56 locations identified for illegal mining operations across Mondulkiri province. This major operation underscores Cambodia’s growing commitment to regulate mining activities and protect its natural […]

Cambodian Gov’t Extends Stamp Duty Exemption on Homes Up to USD 70,000 Until End of 2025

The Ministry of Economy and Finance has announced an extension of the stamp duty exemption for transferring ownership or possession of all types of borey housing valued at USD 70,000 or less, continuing this benefit until the end of 2025. This initiative aims to stimulate the real estate market by offering substantial tax relief to […]

Tycoon Ly Yong Phat’s Hydropower Company Suspended for Environmental Violations in Pursat & Koh Kong

The Ministry of Environment has temporarily suspended all activities of Stung Meteuk Hydropower, a company owned by Tycoon Ly Yong Phat, in Pursat and Koh Kong provinces due to multiple environmental violations and non-compliance with legal requirements. The suspension was confirmed in a letter from the ministry dated 2 September 2024. The decision stems from […]

South Korea’s Mugungwha Trust Targets Investment in Cambodia’s Expanding Trust Sector

Mugungwha Trust Co., Ltd., a leading South Korean trust company, has announced plans to invest in Cambodia’s trust sector, aiming to contribute to the country’s economic growth and sector expansion. The company’s President, Mr. Oh Chang-seok, expressed this commitment during a meeting with Samdech Techo Hun Sen on 10 September 2024 in Seoul, Republic of […]

GDT Sets Property Tax Deadline for 30 September 2024

The General Department of Taxation (GDT) has reminded all property owners to fulfil their property and land tax obligations by 30 September 2024. The announcement, made on 31 July 2024, , emphasises the critical importance of meeting this deadline to ensure a smooth tax collection process. To facilitate efficient tax payments, the GDT encourages property […]

Cambodian Senate Approves Landmark Air Transport Law to Boost Aviation Sector

In a significant move to bolster Cambodia’s aviation industry, the Senate has unanimously approved the draft law on international air transport. The approval, achieved with 56 out of 56 votes during the extraordinary session of the Senate of the 5th legislature, was held under the chairmanship of Samdech Techo Hun Sen on 31 July 2024. […]