From being a duo, Aeon Malls are set to become a trio with a third gaining approval from the Council for the Development of Cambodia (CDC) and scheduled to open in 2023.
The CDC said it had approved the project among others in a news release.
According to the CDC, the new investment project of Aeon Mall (Cambodia) is located on Samdech Hun Sen Blvd, the so called 60-Metre Street in Chak Angre Krom commune, Meanchey district, in southern Phnom Penh.
The investment amount was registered as $289.6 million.
According to Aeon Mall’s website, the Aeon Mall Cambodia No 3 – its tentative name – will cover 174,000 square meters (sq m).
Ann Thida, associate director of real estate company CBRE, said yesterday that the new investment shows the retail sector is in demand.
“In the southern part of Phnom Penh, there is no supermarket or mall yet opened, so it shows the potential,” Thida said. “The investment is in the centre of an area with potential because many middle class people will move there.”
In the same area of Samdech Hun Sen Blvd, property projects – both commercial and residential areas – are being constructed. Those developers include Chip Mong Group constructing Chip Mong Landmark 60M on 100 hectares of land and Borey Pheng Hout investing in Star Diamond mall and residential projects, as well as other property investments.
However, Thida said in the near future, when significant commercial and residential projects become operational, there will be tough competition between retail services in that area.
“Currently, the retail situation is good but in the next two to three years there will be tough competition among the malls, so each competitor has to prepare strategies to attract customers,” Thida said.
It will be the third mall under the Aeon name. The first at 68,000 sq m was officially launched in 2014. It cost $205 million and on Sothearos Blvd, Chamkar Mon district, an areas close to Koh Pich Island.
The second 85,000 sq m Aeon Mall cost $120 million and was opened officially in 2018 in Sen Sok district, in the northern part of the capital.