About 500 metres from the entrance point to Boeung Kak, along Russian Boulevard, a freshly developed 11-storey centre, Parkson Mall, can be seen towering over the surrounding shop houses.
The development is set to complete and open in mid-November this year, or early next year at the very latest. The construction is 70 to 75 per cent finished and is now going through its decoration phase.
A leasing agent, who declined to be named, said Parkson leased the 5-storey original building, measuring an approximate 25,000 square meters, from the landlord and built the rest of the six storeys.
He estimated the project to be valued at more than $30 million. The development began back in 2008, but did not pick up pace until early last year. The agent explained that from 2008 to 2015, the developer delayed the project so the progress slowed down and was idled at times.
More than 80 per cent of the up to 350 retail units have been filled, most of which are boutiques, varied retail shops, F&B outlets, and Gold Screen Cinema – the largest chain of cinemas in Malaysia – on its ninth floor.
The mall, which is designed in the shape of a beehive, will see two floors of underground parking. Parking will also be available on the sixth, seventh, and eighth floor. The agent said Parkson is currently under negotiation with world-renowned brands aiming to gain a foothold in Phnom Penh.
Phase two of the Parkson development will be a hotel right behind the mall. Details relating to the hotel development have yet to be confirmed.
Parkson represents Lion Group’s largest department store and retail chain in Asia Pacific, set to boast about 129 stores.
It already has 58 stores in China, 45 in Malaysia, 16 in Indonesia, nine in Vietnam and one in Myanmar.
According to Lion Group’s website, another project that the group is helming is Lion City Gateway, a new city in Phnom Penh, integrating a shopping mall, hotel and residences.
The group’s operations are listed on both the Hong Kong and Singapore Stock Exchange. Established in the 1930s, the group is involved in a myriad of industries including the retail, property development, mining, steel, agriculture, and computer sectors.