Phnom Penh Post
Gold Tower 42 (L) . Photograph: Hong Menea/Phnom Penh Post
Last week, the crane on the top of Gold Tower 42 was removed, adding
to the sense that the completion of the Korean-owned skyscraper is
ultimately a distant hope.
The owner of the unfinished skyscraper, sitting at the corner of
Sihanouk and Monivong Boulevards entered into arbitration with the
project’s builders earlier this year. Construction on the $240 million
project was halted in September 2010 because of a lack of financial
resources by the South Korean owners.
Sung Bonna, Director of Bonna Realty Group and president of the
Cambodian Valuers and Estate Agents Association, said that the Cambodian
government should pay attention this case even though the building is
in the private sector because it is fundamental to the reputation of
Cambodia. “The government should take care of it and find a solution on
how to resolve it,” he said.
Before the global financial and economic crisis in 2008, Gold Tower
42 was the highest building in Phnom Penh but the construction has not
continued since the crisis began.
Dith Channa, General Manager of VMC Real Estate Cambodia, said that
he has been given no information about when the building work would
continue but he said he hopes that Gold Tower 42 will be completed in
the future.
“Government could not take the interference this case because
Cambodia implements free marketing. But government can establish a law
for limitation of construction and how much money that builders keep in
the bank before allowing the construction,” Channa said, related to the
intervention of government. “This is good for government, investors and
people.”
Korean officials at the site refused to comment, while their Khmer staff said that their managers did not meet reporters.
To contact the reporters on this story: Siv Meng at
meng.siv@phnompenhpost.com
1 comment:
Cambodia's ballest? O' tallest?
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