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

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Angkor photo rules clarified

    The Apsara National Authority (ANA) denied that it had banned the use of camera tripods in the Angkor Archaeological Park, explaining that the confusion stemmed from a long-standing rule which required commercial photographers and videographers to apply for permission to film. The explanation followed a

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At