Yunwoo signed an agreement with two Chinese companies yesterday to finally restart the construction of the Gold Tower 42 project, with a new completion date set for the end of 2019.
Speaking to the press at the end of the signing ceremony, Kim Tae Yeon, general director of Yunwoo, said construction will resume next year.
“I promised Prime Minister Hun Sen and the Cambodian people that we will certainly finish the building by the end of 2019,” he said, adding that the company will only sell more of its units once it is fully completed.
“We will notify customers about the building’s features when construction is finished,” he said. “We are confident we will succeed.”
Yunwoo has already finished 31 floors of the building and plans to have five floors of underground parking, a three-floor shopping center, eight floors of administrative offices and 29 floors of condominiums, of which there will be 399 units.
The company has already spent about $100 million on the structure, and plans to dole out another $140 million for the project, Tae Yeon said.
Liu Nian Xin, general director of Hengzheng Hongtao Decoration, said he was happy to help to finish the project.
“If this were in China, it would not take a long time to finish due to the good quality of the building,” he said. “I will finish the project as planned and ensure that the skyline will emerge and be a great landmark for Phnom Penh.”
Construction on the project was suspended due to the economic crisis in 2008, and resumed in 2010 only to shut down again after finishing the 31st floor. Construction has been stopped since then.
Kim Heang, president of the Cambodian Valuers and Estate Agents Association, said he welcomed the news about the project and said it would add the city’s beauty.
“I am happy that there are companies that will resume the project. This building is in a good location and when it is finished, it will help to increase the value of the properties around it,” he said.