By Hul Reaksmey and Philip Heijmans
October 17, 2011

Resume Construction or Refund Us.Gold Tower Buyers Say

With no restart date in sight more than a year after construction halted on the $240 million Gold Tower 42, investors said yesterday they were forming an association to demand that their deposits be refunded if construction does not resume.

Chhin Jintong, who put down a $1.1 million deposit for 400 square meters of storefront space on the first floor of the building, said yesterday that he has joined six other investors to form the Association for Clients of Gold Tower 42. The group aims to present a united front in discussions with the Seoul-based project developer Yon Woo.

"I will gather a lot more clients in order to find justice for them," he said. "There are two main points that the clients want. The company must restart construction... [or] pay back the money."

Mr Jintong said that no deadline for construction to resume has been set yet.

Yon Woo has made several failed promises to investors to jumpstart the project since it halted construction in September 2010. Mr Jintong said that he was told the board of directors of the project met in August after investors expressed their concerns about the delays, but that the results of the meeting were with held from investors and no restart date was given.

"This building is the reputation of the country, but now that construction has been stopped halfway, it spoils the feeling of those who want to invest in it," he said.

Sok Dara, who paid $60,000 down for a residential unit also expressed frustration at being kept out of the loop.

"It would be okay if they just restarted the construction, and if not, I would demand my money back," he said. 'The feeling right now is beyond anger."

Kim Tae-yun, assistant manager for Gold Tower 42's financer, Daehan Real Estate Trust Inc, referred all questions to Kim Kyo-Won, Hanil E&C's project director.

'Today, I have nothing to say about this case. I have no comment," said Kim Tae-yun.

Kim Tae-yun said last month that the project had undergone routine financial restructuring earlier this year, but that there were no plans to restart construction.

Lee Sun-hum, the country director for Yon Woo, which owns the project on the comer of Monivong and Sihanouk boulevards, said in 2009 that 55 percent of its 360 mixed units had been sold.

Prices for the tower range from $460,000 for a 232-square meter unit to about $1.6 million for a 511-square-meter apartment on the top floor, according to Yon Woo promotional material.

Since the Cambodian real estate bubble burst two years ago, a series of mega-projects in Phnom Penh—such as CamKo City, a satellite city on the outskirts of Phnom Penh, and the three-tower project Star River—have stalled or been downsized.

Experts have said that low demand for high-end residential and commercial projects is partly to blame.

"Any projects which are held will have an impact on the investors, and I think in this case, they may be alarmed that the city may not be ready for new commercial properties," said Sunny Soo, country director for the property consultancy firm Knight Frank. "There is already an oversupply scenario in Phnom Penh. Investors need to be more careful."
Details:
Document Title:Resume Construction or Refund Us, Gold Tower Buyers Say
Document Source: The Cambodia Daily (Cambodia)
Document Date: 10/17/2011





By May Kunmakara
Tokyo
October 17, 2011

THE International Monetary Fund has upgraded its outlook on Cambodian GDP growth in 2011 from 6.5 per cent to 6.7 per cent just days after government officials announced a full percentage-point reduction in economic expectations.

Stabilisation in the real estate sector, as well as strong increases in agricultural production and garment exports, accounted for updated projection, according to the IMF's Asia-Pacific Economic Outlook released Thursday at a conference in Tokyo.

Flood devastation - the worst in at least a decade - prompted a government downgrade of GDP growth from 7 per cent to 6 per cent, how- ever, according to a speech made last week by Deputy Prime Minister Keat Chhon at an International Business Chamber conference.

"It is true that we are expecting Cambodian growth to remain strong, in fact, to increase in 2011 before slightly moderating in 2012," IMF Asia-Pacific director Anoop Singh said at the conference in Tokyo.

"Most importantly we have seen Cambodian growth this year to be quite robust, from agricultural production to the export of the garment," he said, adding that the stabilisation in real estate was also translating into a higher average growth rate.

Estimates on Cambodia's year-on-year economic performance have varied widely this year - particularly in the past two months. Prime Minister Hun Sen predicted 8.7 per cent growth last month - matching an estimate from the Economic Institute of Cambodia - while Asian Development Bank put the figure at 6.8 per cent.

Sustained flooding coupled with poor economic projections in the United States and Europe contributed to last week's official downgrade.

In the face of the new IMF projection, some experts say the Kingdom's growth could be higher.

"We were expecting growth to be 8 per cent or more this year, but expect it to come back slightly due to the impact of the floods - perhaps around 7 per cent," Stephen Higgins, CEO of ANZ Royal Bank, said in an email.

Underlying strengths in manufacturing and services, as well as strong company profits, have generated confidence in the country's performance, Higgins said. Agriculture had looked strong but will clearly be impacted by the floods, he said.

New garment quotas in European markets contributed to buoyant exports in Cambodia and projected the country's growth next year at 6.5 percent, according to the IMF report. Keat Chhon announced the same figure for 2012 GDP growth during his speech last week.

Higgins put the 2012 outlook higher, provided there is no further deterioration in US and European markets.

"I would expect 8 per cent or more in GDP growth for Cambodia [in 2012], supported by the level of investment we are currently seeing. The reconstruction works from the flooding will also be supportive of GDP growth in 2012."
Details:
Document Title:IMF's Cambodia outlook upbeat
Document Source: The Phnom Penh Post (Cambodia)
Document Date: 10/17/2011

Apology, the second article should go to Economic and Finance thread

By Hul Reaksmey and Philip Heijmans
October 17, 2011

Resume Construction or Refund Us.Gold Tower Buyers Say

With no restart date in sight more than a year after construction halted on the $240 million Gold Tower 42, investors said yesterday they were forming an association to demand that their deposits be refunded if construction does not resume.

Chhin Jintong, who put down a $1.1 million deposit for 400 square meters of storefront space on the first floor of the building, said yesterday that he has joined six other investors to form the Association for Clients of Gold Tower 42. The group aims to present a united front in discussions with the Seoul-based project developer Yon Woo.




This very much is the same news I find in the Chinese paper on the 4th October.

29-10-2011
http://i545.photobucket.com/albums/hh398/kmr1/29-10-2011/DSC00593.jpg

^^^^
So, what's the purpose of this latest photo?

I heard that they're going to resume the construction early next year. Maybe Jan or Feb of 2013...keep my fingers cross.

I heard that they're going to resume the construction early next year. Maybe Jan or Feb of 2013...keep my fingers cross.

^2012 or 2013??

^2012 or 2013??

2011.

And it did not happen.

http://www.aseanaffairs.com/cambodia_news/construction/phnom_penh_skyscraper_to_restart

I heard that they're going to resume the construction early next year. Maybe Jan or Feb of 2013...keep my fingers cross.

Source ??

if this was a simcity game, i would delete de school next to GT42 and add another skyscraper there. In the future, there will definitely be a skyscraper there.

http://farm7.static.flickr.com/6097/6234412821_1002e8dc04_o.jpg

Nice view but unlucky Ghost Tower 32 block Decastle Royale...

if this was a simcity game, i would delete de school next to GT42 and add another skyscraper there. In the future, there will definitely be a skyscraper there.



I never played simcity, when you buy skyscrapter in simcity, do you have to find people to buy them?

Nice view but unlucky Ghost Tower 32 block Decastle Royale...

haha, well, this is the gold/ghost tower thread, so ghost or not, it is still the star.

if this was a simcity game, i would delete de school next to GT42 and add another skyscraper there. In the future, there will definitely be a skyscraper there.

http://farm7.static.flickr.com/6097/6234412821_1002e8dc04_o.jpg

^^ They need to widen the road first and then knock down all those ugly tubehouses and then build high rise!

^^pp have a well organized city from the looks of this pix! you can actually build so many high-rise and make it look like new york!

cèst la vie.

^^ They need to widen the road first and then knock down all those ugly tubehouses and then build high rise!

Monivong is fine if you ban street side parking.

Those tubehouses will be gone soon, the mid-rise service apartment buildings are slowly replacing the tubehouses :)

Those tubehouses will be gone soon, the mid-rise service apartment buildings are slowly replacing the tubehouses :)

^^I see so many empty plots of land to build high rises!

^^I see so many empty plots of land to build high rises!

There are many but most are small which does not support big project

^^From the picture above, I see a lots of low-rise buildings is popping everywhere in PP...:)...

my friend in pp told me that he saw some activity on the top of the building. i'm not sure if they resume now?? anyone who live in pp please notice this building :-D anyway this tower may be haunted by now. ghost often stay in abandoned building lolzz just kidding

no ghost in this world

gt42 would be finish today if they wouldn't stop that project or ?

no ghost in this world

Believe me in this world really have ghost... I saw by my 2 eyes!

Believe me in this world really have ghost... I saw by my 2 eyes!

Were you scared ? I heard old people said that if a ghost haunts you, just show your butts; it will runs away. So, our butts are scarier even ghost afraid of it.:lol:

^^ we better create Ghost experience Thread to discuss about this. I also experience with ghost. :O

next to Golden Tower 42, I see they are constructing a building, but who knows what building it is?

next to Golden Tower 42, I see they are constructing a building, but who knows what building it is?

^^ they should build another high-rise! if they build another tubehouse forget about it!!

I really don't know what kind of building it is. But I just hope it is high rise

next to Golden Tower 42, I see they are constructing a building, but who knows what building it is?
Kid city 10floors

Kid city 10floors

Do you have its drawing plan? Please share

Do you have its drawing plan? Please share
http://i545.photobucket.com/albums/hh398/kmr1/kcity.jpg

http://i545.photobucket.com/albums/hh398/kmr1/kcity.jpg



Thanks so much for your pic. Do you know what services does this building provide to Kids?

Believe me in this world really have ghost... I saw by my 2 eyes!

Could you describe it? I am curious

Today i see only one crane on the top GT42 may be ghost blind me hehe :lol:
but if it's true that mean they uninstall the crane so what happen :ohno:

They will restart soon but from the beginning

Here is their plan

http://www.youtube.com/watch?v=20FKED_COhw&feature=related

They will restart soon but from the beginning

Here is their plan

http://www.youtube.com/watch?v=20FKED_COhw&feature=related

Reason It sunk as much as 14 inches:lol:

^^ we better create Ghost experience Thread to discuss about this. I also experience with ghost. :O

That is a realy good idea o.o
The topic Ghost is realy intersting

They will restart soon but from the beginning

Here is their plan

http://www.youtube.com/watch?v=20FKED_COhw&feature=related

haha good idea. i'd better to see that if they still on hold. but will they be able to demolish while it stand the middle of crowded?

That is a realy good idea o.o
The topic Ghost is realy intersting

I already created thread " Any ghost in this world?" in bayon bay. enjoy

haha good idea. i'd better to see that if they still on hold. but will they be able to demolish while it stand the middle of crowded?

No worry for the crowed, they even enjoy watching it falling down

Go, go, gold tower,

Look at the one at 2.30

http://www.youtube.com/watch?v=5wwDF58Hw9M&feature=related

I already created thread " Any ghost in this world?" in bayon bay. enjoy


Just share an experience with you in that thread :D enjoy your reading

if this was a simcity game, i would delete de school next to GT42 and add another skyscraper there. In the future, there will definitely be a skyscraper there.



Oh no it's the school I used to go

^^ welcome to our forum

^^ welcome to our forum

Thanks Asiandragons. I think real estate in Cambodia now is in on the rise. It will be more improved as time goes by

^^ help us by simply posting more

hopeoneday has set a good example for all the new joiners :lol:

I can spot the differences on the top 3 floors, but no construction workers on the site.

hopeoneday has set a good example for all the new joiners :lol:

Lolz why???

^^ your being a good contributor by posting a lot

^^ your being a good contributor by posting a lot

So any reward for best contributor ??? Lolz

ANY NEWS FROM THIS GHOST TOWER 42 YET ????

ANY NEWS FROM THIS GHOST TOWER 42 YET ????

Some workers work on the top, maybe it will be demolished soon,,,

I can spot the differences on the top 3 floors, but no construction workers on the site.

what is the differences?

So any reward for best contributor ??? Lolz

yes you get respect, trust me its hard to get respect:cheers:

yes you get respect, trust me its hard to get respect:cheers:

:) thanks then

what is the differences?

Parts of the blue safety net cover was removed.

I thought the wind blow it away

I can't find out exactly what is going on the top floors, if Karimkhmer saw workers on the top floors, it means they are doing something with the building.

Some workers work on the top, maybe it will be demolished soon,,,

I heard from a friend of mine working in PP that the company starts working on the project again because the government of Korea and Korean army are getting involved and providing more money to the company. But, don't count on this until we see it really happens.

I heard, on CTN interviewing, Sung Bona, the owner of Bona Realty Group, saying all stalled projects will resume this year or will be transfered to new owner and be resumed by new owner.

I heard, on CTN interviewing, Sung Bona, the owner of Bona Realty Group, saying all stalled projects will resume this year or will be transfered to new owner and be resumed by new owner.

When you heard it ?

I think it was Tuesday of this week.

Where.. i mean the site if you have, can u post up the link that u heard it from. ?

all stalled projects will resume?? why he so sure about that?

I saw on live broadcast from CTN on my Iphone. I think he was talking real projects like GT42, De Castle ..etc. Star River and IFC52 were not real. They were speculative and I don't think they will ever be revived.

No worry, I belive Gold tower will resume construction. Decastle will be completed. Ifc already sold to Japanese investor. I am not sure about star river but they already spent $50 millions for foundation. Maybe they will restart with smaller scale. The most speculations project I ever heard of is 555 meters, totally fake.

No worry, I belive Gold tower will resume construction. Decastle will be completed. Ifc already sold to Japanese investor. I am not sure about star river but they already spent $50 millions for foundation. Maybe they will restart with smaller scale. The most speculations project I ever heard of is 555 meters, totally fake.

IFC sold to japanese?? where did u get this!

^^ IFC land was sold to japanese for building AEON mall soon. anyway I hope star river will resume soon since they already had thier foundation. oh! but their office near pp tower already dropped out and become ABA bank now. the other investor may buy thier project

^^ IFC land was sold to japanese for building AEON mall soon. anyway I hope star river will resume soon since they already had thier foundation. oh! but their office near pp tower already dropped out and become ABA bank now. the other investor may buy thier project

^^it's not surprising! koreans never finish their project! we need Chinese la!! :cheers::cheers:

^^it's not surprising! koreans never finish their project! we need Chinese la!! :cheers::cheers:

The Chinese can buy it back from the Japanese with a higher price if wanted.

IFC site will house the project ''Millionaire Villa'' luxury housing developments, I think AEON mall will occupy parts of the land from Star River and IFC.

How do you know this? I thought the whole IFC area was sold to AEON

If the ''Millionaire Villa'' project is cancelled, it means the whole IFC area is sold to AEON

If the ''Millionaire Villa'' project is cancelled, it means the whole IFC area is sold to AEON

If? So you are not sure too :))

If? So you are not sure too :))

^^the koreans sold it a long time ago! if the japanese can't do it! The chinese will:))):cheers::cheers::cheers::cheers:

Still dead huh!!! Very disappointed.

:( i hope construction resume :)

does anyone have any news on GT42?

^^ yeah, the toy store next to it is progressing very well.

^^...:D..that's funny

when will it resume?

^^ not any time soon

^^ yeah, the toy store next to it is progressing very well.

Yes, I think the building is now reaching the 6th floor

Why OCIC don't buy this uncompleted-concrete from stupid Korea?? i think it is located in prime location.

Why OCIC don't buy this uncompleted-concrete from stupid Korea?? i think it is located in prime location.

I am sure developer are interest, but maybe the owner does not want to sell, maybe they are still sorting things out and wnat to come back.

I believe the government should set a deadline for them to continue building.

I am sure developer are interest, but maybe the owner does not want to sell, maybe they are still sorting things out and wnat to come back.

I believe the government should set a deadline for them to continue building.

Totally agreed with you!!!^^

I am sure developer are interest, but maybe the owner does not want to sell, maybe they are still sorting things out and wnat to come back.

I believe the government should set a deadline for them to continue building.

^^soon this building will the shortest lol!

^^soon this building will the shortest lol!

how could it be the shortest when every heritage building in Cambodia is shorter.

Future of Gold Tower 42 in Arbitration Court

Posted on May 16, 2012

The owner of the $240 million Gold Tower 42 project in Phnom Penh has entered into arbitration with the project’s builder, in a bid to get work started again after construction halted on the project in September 2010 due to poor unit sales and cost
overruns, officials involved in the process said yesterday.

Lee Sun-hum, country director of Yon Woo Cambodia Co. Ltd., the firm that owns Gold Tower 42, said the arbitration case in Seoul was started last year with Hanil Engineering and Construction Co. Ltd., the company that was contracted to build the skyscraper located at the intersection of Sihanouk and Monivong boulevards.

Hanil broke ground at the site in March 2008, and set out on a mission to build Phnom Penh’s tallest building. But Gold Tower 42 was indefinitely suspended in September 2010 at the height of Cambodia’s property bust, which saw several other South Korean property projects—including the $2 billion Camko City development in Russei Keo district—grind to a halt. …


http://www.opendevelopmentcambodia.net/news-source/the-cambodia-daily/future-of-gold-tower-42-in-arbitration-court-2/

^^ still unable to say it will start again anytime soon, one of the most boring project in Phnom Penh..

The Chinese paper say the Korean Government will inject fund into the GT42, construction should resume next month.

http://img801.imageshack.us/img801/1015/20120518105833.jpg

The Chinese paper say the Korean Government will inject fund into the GT42, construction should resume next month.



Give link plz

Hopefully its will resume very soon.... god bless my p-penh of wonder.!

Give link plz

I would love to provide a link, but this is a hardcopy chinese paper I read this morning. Image was attached. If you can't read Chinese, the link won't be any good anyway.

The Cambodia daily report said it is still waiting of the artbitration result at the end of this month. Is Chinese newspaper and daily told the same story? Refer to this link

http://alfredmeier.me/2012/05/16/phnom-penh-the-future-of-gold-tower-42/

But as with lots of other construction news, it is still rumors.

I still hope it will be finished one day in future but dunno when

The Chinese paper say the Korean Government will inject fund into the GT42, construction should resume next month.
Is Korean government responsible for this project??

Is Korean government responsible for this project??

I don't think the Korean Government is directly involved with the original developer.

http://alfredmeier.me/2012/05/16/phnom-penh-the-future-of-gold-tower-42/

http://livinginpp.files.wordpress.com/2012/05/2012-05-16-10-29-18.jpg?w=1000

http://livinginpp.files.wordpress.com/2012/05/2012-05-16-10-53-19.jpg?w=1000

This building is so well constructed and very solid, unlike other construction sites you find elsewhere in the city

^^ agree, it look more handsome than the other, and it will even look more beautiful when it is completed to become gold thumb in Phnom Penh

That's the main reason this tower is so expensive

do you still hope for this building?

There's absolutely no way the city is gonna let this building stand there unfinished in the middle of the biggest intersection. It has to be completed somehow... And it probably will, by some other company. Let us give it a few years...

There's absolutely no way the city is gonna let this building stand there unfinished in the middle of the biggest intersection. It has to be completed somehow... And it probably will, by some other company. Let us give it a few years...

but the city can do absolutely nothing about it.

Hmm I'm not realy convinced about this Project.
We should wait for a new Investor that would restart ths Project

there are so many half finished buildings in my city...so it won't surprise me if there's going to be one in your city....

there are so many half finished buildings in my city...so it won't surprise me if there's going to be one in your city....

What piss people off, is, this is the only building we see that keep going during the GFC, which seems like one of our most promising developer, and when everyone else got back into the building game, this tower stopped.

What piss people off, is, this is the only building we see that keep going during the GFC, which seems like one of our most promising developer, and when everyone else got back into the building game, this tower stopped.

^^If you hand this project to Chinese developer it will be complete in less then one month! Like a speeding light! You wake up the next day it will be finish! These Koreans are slow as hell.

^^If you hand this project to Chinese developer it will be complete in less then one month! Like a speeding light! You wake up the next day it will be finish! These Koreans are slow as hell.

Still dreaming? I thought it were finished in your basement.

^^If you hand this project to Chinese developer it will be complete in less then one month! Like a speeding light! You wake up the next day it will be finish! These Koreans are slow as hell.

Yeah, maybe you should come over here for the 555m topping out ceremony tonight.

Yeah, maybe you should come over here for the 555m topping out ceremony tonight.

^^hey this is the 42 building we are talking about not 555m building! If you hand that 555m building to Chinese developer I bet u it will be finish the next morning too! :cheers::cheers:

^^hey this is the 42 building we are talking about not 555m building! If you hand that 555m building to Chinese developer I bet u it will be finish the next morning too! :cheers::cheers:

Hope you are not on drug.

^^ really? there is ceremony coming up for 555m ?? or u guy just messing ..?

They should have construction stoppage ceremony this project :lol: