CBRE Cambodia logo

Gold Tower construction suspension explained – What does it mean for Cambodian Real Estate sector?

A Korean Government-ordered restructuring exercise of construction outfit Hanil E&C is the reason why construction activities on Gold Tower 42, the 42-level skyscraper that is set to be Phnom Penh’s tallest structure, were halted this week.
Yon Woo, the project’s Korea-based developer, explained that the suspension of construction activities was unrelated to any doubts about the current and future shape of the Cambodian economy or property market, and that building efforts will resume once the construction firm has concluded the officially mandated audit process.

Saying it had every confidence in the abilities of its construction partner, Yon Woo noted that the delay should not materially alter the completion date. The company added that the project has recently received additional funds from buyers and that roughly half the tower’s luxury residential apartments have been sold.

Posted in Blog | Leave a comment