South Korea’s Hyundai Engineering Co has struck a 200 billion won ($160 million) bid to build Cambodia’s third Aeon Mall, reported Korean IT Times.
A Hyundai Engineering official told the Times on Sunday that the project is a five-story shopping centre and parking facility outside the city centre.
The construction period is expected to last 27 months.
Construction on Aeon Mall 3 in the capital’s Meanchey district is set to begin this year backed by Aeon Mall Co Ltd’s $289.6 million investment, which was approved by the Council for the Development of Cambodia in December.
According to Aeon Mall Co Ltd’s financial report for last year, the mall will cover 174,000sqm in Ing City, 7km south of the centre of Phnom Penh.
Aeon Mall Phnom Penh in Chamkarmon district’s Tonle Bassac commune opened in 2014 with a capital investment of $205 million.
Aeon Mall Sen Sok City opened in Sen Sok district’s Phnom Penh Thmey commune in the capital in June last year, with capital investment of around $120 million to develop the 68,000sqm of retail space.
Aeon Mall plans to expand its large shopping mall business in Southeast Asian countries such as Vietnam and Indonesia, while Hyundai Engineering plans to make every effort to secure additional work through its high level of construction capacity, reported the Times.
“Through this order, Hyundai Engineering will be able to stand out not only in the plant market such as chemical engineering and power generation in Southeast Asia, but also in the building market,” the Times quoted an official as saying.
Despite its proximity to PH Diamond Place, a supermarket developed by Borey Peng Huoth Group Co Ltd, Aeon Mall 3 will not affect its retail supply, real estate investment firm CBRE Cambodia director Ann Sothida said on Tuesday.
“Aeon Mall 3 is geared to middle-class shoppers while PH Diamond Place is focused on upscale consumers. The decors will not be in the same style,” she said.
Cambodia has 23 shopping malls in Phnom Penh with a total combined area of 380,000sqm, CBRE Cambodia data shows.