The famous Jet’s Container Night Market in central Phnom Penh has shut down due to the high cost of the land rental, company representatives claim.
Jet’s Container Night Market is the largest such market in Phnom Penh. It operated for just over two years since 2016, with a range of 200-300 shops, food and beverage outlets.
Jet’s Container Night Market project manager Chhay Sophorn said due to an expired lease agreement, and the landowner increasing rent, the company decided to shut down.
“Land rental price can be said to be the main reason. The company cannot continue to operate,” he said.
However, before shutting down, the company noted that some vendors themselves had ceased operations for several months due to a shortage of customers.
In the past few days, workers, trucks and cranes could be seen dismantling the site.
“The company is dismantling the materials in the location and moving them to our own land in Vihear Suor [commune in Kandal province’s Khsach Kandal district]. The company plans to develop the area [Vihear Suor] into a commercial centre and a most luxurious place to live,” said Sophorn.
A security guard at Jet’s Container Night Market said the businessman who rented the shops had moved and closed shop about a month ago after the company notified them of the closure.
Beer Market Store manager Ly Ratanak said he had rented a location in Jet’s Container Night Market on a one-year contract, but after operating for about six months, the company notified him of the closure.
He said before signing the rental contract, the company told him they had extended their land lease agreement with the landowner.
“The main reason the company told us to close the market is due to complaints from the Russian embassy about the loud noise. This closure cost me a lot of money,” he said.
Ratanak said he recently heard the news that the site would soon be developed into a shopping mall.
According to a source, the location of the Jet’s Container Night Market, which is on nearly 2ha, belongs to the Royal Group and was rented by Jet’s Group, headed by tycoon Srey Chanthan.
The Key Real Estate Co Ltd’s first-quarter report shows that price of land in the area falls between $3,500 and $6,000 per sqm.