The Gold Tower 42 development project is set to resume its construction in 2018 and finish in 2019, according to Mr. Kim Tae Yeon, general director of Yonwoo Cambodia Co, Ltd, who owns the project. The development has now been announced under a new title: GT 42.
After Yonwoo’s signing ceremony of the reactivation of GT 42 in Phnom Penh with Chinese firm Shengzheng Hongtoao Decoration and Waiman Construction & Engineering (Macao China) on November 22, 2017, Mr. Kim promised that his company will definitely finish the project on time.
In an interview with local media, Seng Load, spokesperson for the Ministry of Land Management, Urban Planning and Construction, said Yonwoo sent a letter to the MLMUPC in August stating that they would construct the building in the next six months, leading officials to believe that the development would be started earlier this year.
“Nevertheless, I’m still not sure whether the promise will come to life or not. Please don’t be hasty in your publication, because this owner has issued the same statement numerous times already, but none of those statements have been realised,” Mr. Seng added.
Gold Tower 42 was delayed during the height of the world’s economic crisis in 2008 and failed to resume its construction several times. However, the project has finished 32 stories of its building before it was postponed again.
Mr. Hay Ravy, marketing and sales manager of Daily Realty Group, said: “it remains to be seen if the project will finish on schedule due to its delay history. However, if the project resumes and finishes on schedule, it will be another positive sign of Cambodia’s real estate sector because Gold Tower 42 represents one of the big projects in the Kingdom with a history that has left a shadow over the market. By rejuvenating this GT Tower 42, foreign investor confidence should rise.”