Logo of Phnom Penh Post newspaper Phnom Penh Post - Council approves Aeon 3 project

Council approves Aeon 3 project

Content image - Phnom Penh Post
The Council for Development of Cambodia on Wednesday approved Aeon 3 project which the construction will begin early next year. Supplied

Council approves Aeon 3 project

Japan's Aeon Mall Co is to spend more than $200 million building its third shopping mall in Phnom Penh as the firm eyes the Kingdom’s burgeoning middle-class.

Construction on Aeon Mall 3 in the capital’s Meanchey district is to begin early next year as a result of the firm’s $289.6 million investment, which was approved by the Council for Development of Cambodia on Wednesday.

According to the Aeon Mall Co’s financial report for the year, the mall is to cover 174,000sqm in Ing City, some 7km from the centre of Phnom Penh.

The company enjoyed strong growth in the Asean region, according to its Medium- and Long-term Initiatives Report released in early October.

“While overseas developers tend to emphasise efficiency, our malls in China and Asean feature a large, flat parking area – reflecting our understanding of the modernisation of the region. These parking lots will also serve as a competitive advantage in future expansion.

“We conduct shopping mall management and operations that compare favourably with Japanese malls, offering facilities that provide safety, security and comfort on par with [Japanese standards],” the firm said.

Real estate firm CBRE Cambodia’s director An Thida told The Post on Thursday that Aeon Mall 3 would complement Ing City’s fast rate of development as the project aims to appeal to the Kingdom’s middle-income households.

“The south of Phnom Penh, where the mall is to be built, is developing [rapidly] and middle-class families are flocking there. [Aeon Mall Co] conducted a study on demand [for the retail space] before they decided to invest so heavily there. This will be another success for them,” Thida said.

However, she said that the Kingdom’s purchasing power remained low as consumer spending was largely directed towards food and entertainment.

The first Aeon Mall in the capital’s Chamkarmon district opened in 2014 with capital investment of some $205 million. Aeon Mall 2 opened in Sen Sok City in June last year, with capital investment of around $120 million to develop the 68,000sqm of retail space.

Cambodia has 21 shopping malls in Phnom Penh with a total combined area of 337,400sqm, according to the CBRE Cambodia.

MOST VIEWED

  • Hun Sen says Kingdom not a 'satellite country'

    Prime Minister Hun Sen said Cambodia had sent diplomatic notes to various embassies demonstrating its stance and clarifying allegations that the Kingdom is a satellite country of China which will allow it exclusive access to the Ream Naval Base in Preah Sihanouk province. The response

  • Vast Prince Manor fun park opens to much fanfare in Kandal

    Chinese-owned Prince Culture and Development Co Ltd officially launched the $85 million Prince Manor entertainment centre in Kandal province on Wednesday. Prince Manor is located along National Road 1, 20km from the centre of Phnom Penh. It is the first major theme park project in Cambodia and

  • Angkor provides ‘valuable’ water storage

    The Apsara National Authority (ANA) has stored millions of cubic metres of water at reservoirs in the Angkor area after Cambodia experienced a series of rainstorms over the last few days. The storing of the water, besides serving temple conservation, will also be used to

  • Floods prompt evacuations in Kampong Speu

    Rain-induced floods and water flowing from Kampong Speu province have submerged the houses of 1,527 families living close to the Prek Thnot River in Spean Thma, Tien, Kong Noy and Roluos communes in Phnom Penh’s Dangkor district, according to data from local authorities. Spean Thma

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial