Construction began again on the long-stalled Gold Tower 42 project on Sunday, and the Phnom Penh development is now scheduled to be finished in late 2019 or early 2020.
“After signing the agreements [with two Chinese companies] in November, we had a ground breaking ceremony [on Sunday] to restart the construction,” said a representative of South Korean developer Yunwoo yesterday.
The building, located downtown on the corner of Sihanouk and Monivong boulevards, is set to have five floors of underground parking, a three-storey shopping centre, eight storeys of offices and 29 floors of condominiums.
Construction on the building first stalled in 2008 due to the global economic crisis. Company representatives have previously said they had already spent $100 million on the project and planned to spend $140 million in additional funds before construction ends.