The Gold Tower 42 building had its last beam put in place on Monday, officially signaling the end of a more than 10-year construction delay that started during the 2008 global financial crisis due to a lack of funds.
The 42-storey building, which at the time of its initial design was set to be the tallest building in Phnom Penh, was initially invested in by South Korean firm Yon Woo Cambodia Co Ltd.
The project was resumed after a decade delay when Yon Woo Cambodia Co Ltd signed an investment agreement with two Chinese companies – Shenzhen Hongtao Decoration Co Ltd and Macao’s Weimin Construction Engineering Co Ltd – in November 2017.
During the topping out ceremony on Monday, a Shenzhen Hongtao Decoration representative said the completed building will officially be launched early next year and its condo units will be open for sale in May this year.
Shenzhen Hongtao Decoration senior engineer Samuel said the building’s structure is finished and it will take another year to complete its interior and exterior design.
“Customers will come live here in the beginning of next year,” he said.
According to Samuel, the building’s name will be changed from the current one, with the new name to be “released at the launch of [the condo units for] sale.”
According to a previous report, Gold Tower 42’s condos are already 50 per cent sold after their initial release in 2008.
Samuel said many customers are interested in buying a property in the tower – most of whom are Chinese, Korean and Japanese.
The building, which is located at the intersection of Monivong and Sihanouk boulevards, has five floors of underground parking space.
Floors one to three will be a mall, floors four to 12 will be offices, floor 13 will be clubs, restaurants and a gym, while floors 14 to 42 will consist of 399 condo units. The entire building covers a total area of 140,000sqm.
Ministry of Land Management, Urban Planning and Construction secretary of state Leang Monyrith said the good results the Gold Tower 42 is currently seeing are thanks to cooperation between the three companies.
“The construction process is very fast, from the resumption of reconstruction until now, it took just one year,” he said.
Ministry of Commerce secretary of state Chhuon Dara said the project would provide many benefits to Cambodia, adding that as the investors have sufficient money, the construction will be completed as planned.
“Customers will not be as worried as before, because the company has enough money to invest,” he said.
Cambodian Valuers and Estate Agents Association president Chrek Soknim said there has been a lot of negative buzz generated in the past by the abandoned building. He added that an abandoned building sitting in the centre of Phnom Penh for such a long time can only have a negative impact on the construction and real estate sector.
“The completion of the building structure is a positive sign of increasing confidence among those who want to invest in Cambodia,” he said.