Bye, Bye 52-tower skyscraper! (Photo: AFP)PHNOM PENH, Nov. 26 (Xinhua) -- Blaming the global financial crisis, a major South Korean developer will dramatically reduce the scale of its proposed one billion U.S. dollars 7-skyscraper complex along the Tonle Bassac River to just three buildings at half the original price, national media said on Wednesday.
Ground was broken in June for the International Finance Complex (IFC) but construction on the site will be postponed more than one year, said Woo Mu-hion, chief of the business division in Cambodia for the project's developer and sole financer, the Seoul-based GS Construction and Engineering.
Construction was halted earlier this month, he was quoted by English-Khmer language newspaper the Cambodia Daily as saying.
"The market has changed. Due to such uncertainty, we think it is not clever to continue construction right now. We want to change our design, but we will maintain 52 storeys," he said.
The project will only include two 51-storey condominiums and a mixed-use 52-storey building, which will be the tallest in Cambodia, he said.
Construction on the complex could restart in early 2010, but first the company needs to redesign it and get government approval for the new plan, he added.
Ground was broken in June for the International Finance Complex (IFC) but construction on the site will be postponed more than one year, said Woo Mu-hion, chief of the business division in Cambodia for the project's developer and sole financer, the Seoul-based GS Construction and Engineering.
Construction was halted earlier this month, he was quoted by English-Khmer language newspaper the Cambodia Daily as saying.
"The market has changed. Due to such uncertainty, we think it is not clever to continue construction right now. We want to change our design, but we will maintain 52 storeys," he said.
The project will only include two 51-storey condominiums and a mixed-use 52-storey building, which will be the tallest in Cambodia, he said.
Construction on the complex could restart in early 2010, but first the company needs to redesign it and get government approval for the new plan, he added.
6 comments:
All construction are halted because of the global finanical crisis, so everything is gone (www.cambohistory.blogspot.com)
i think it's just for temporary halt as the global situation is happening everywhere. regardless, cambodia will have more skyscrapers in 5 to 10 years period.
It was a good scheme to trick the dumb newly-wealthy Cambodians to deposit their money, and then the developers took off. However, it was a nice scam under the scam administration.
Cambodia will approve anything the private company propose to build because none of the reveiw official know what they doing. Almost all of those ministers hold paper Phd.
Cambodia need not proof to the world that they own skyscraper at its people expense. They need to improve the general public well being firt. The rest will come along.
The current government will not work for benefit of the country and the people. This greedy governemnt think of their own pocket and networking of their own people.
I hope the end is near for them.
By the way, the Koren company will not build the 52 stories skyscrappers because their economy is crippling.
No skyscrapers is good for cambodia for now.
everything must come to a halt as the global crisis deepens. Cannot say that these Koreans are out there to scam Cambodian when we're all aware that this financial turmoil is affecting everyone globally. Small and large companies around the world are out of business.
i know, even in the USA, the world super economy, the president is pumping billions and billions of dollars into the bailouts of many large corporation and companies. so, everything that happens in cambodia now is not really unique or confined only to cambodia. must understand the bigger picture, my dear! please be smart and clever! god bless cambodia.
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