Construction of controversial building Gold Tower 42, originally costing $420 million on the intersection of Monivong and Sihanouk boulevards, will resume shortly, with the project due for completion no later than 2019, the developer said on Sunday.
Yon Woo Cambodia – the company that owns the building – reached an agreement in November last year with Shenzhen Hongtao Decoration and Waiman Construction & Engineering, which will be in charge of completing the project.
Liu Nianxin, the CEO of Hongtao Decoration, said during a press conference on Sunday that they decided to take on the project because of the building’s privileged location in the commercial centre and heart of Phnom Penh and because what’s been built so far meets international standards of quality.
“I am very sorry to see this building being abandoned,” Mr Liu said. “We will rebuild it, and we expect that it will be a very profitable enterprise.”
Kim Tae Yeon, the president and chairman of Yon Woo Cambodia, said the building will be completed by the end of 2019.
“I promise Prime Minister Hun Sen and the Cambodian people that the project will be ready by the end of 2019,” he said. “We will start selling units once the building is finished. We are confident it will be successful.”
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.
“We have already invested $100 million and we will spend another $140 million to finish,” Kim Tae Yeon said.
The project stated 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.
Dith Channa, the CEO of Lucky Realty, said the new building will be a great addition to the city’s skyline.
“The abandoned project was very bad for the city’s image. I am glad that an agreement has been reached and that the building will be finished,” he said.
“I am certain there will be no lack of investors interested in buying space in the upcoming building. If completed, it will be a success.”