Peng Huoth Group said on Sunday that the company is set to invest $60 million to build a new mall by 2020 called the PH Diamond Place on Samdech Techo Boulevard to meet what they say is a need for a new shopping experience.
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On Sunday, the company held a groundbreaking ceremony for construction of the mall, presided over by Chea Sophara, Minister of Land Management, Urban Planning and Construction, and Thai Mengly, CEO of Peng Huoth Group.
Mr Mengly said the mall was part of the Star Diamond mixed development project on 40 hectares along Samdech Techo Boulevard, with luxurious residential developments, condominiums, tall office buildings and conference or wedding halls.
The new supermarket will be on six hectares of land to provide customers with convenience and a potentially international-standard shopping experience,” Mr Mengly said.
The mall covers 62,000 square metres with 30,000 square metres of rental space. There will be parking for 2,671 cars and 952 motorcycles.
Mr Sophara said that previously Cambodia had no modern shopping mall or luxury buildings. Markets had no elevators or roof, but this had changed with many developments.
“The establishment of the mall is a part of the development of the national economy, based on the potential of local labour and absorbing talented and capable Cambodian students to work on the sector,” he said.
He added that there are many shopping malls in Phnom Penh, such as AEON and Macro.
Ann Sothida, director of CBRE Cambodia, said the country had seen increased purchasing power in term of shopping.
The number of shopping malls in the country with international standards was limited, so shopping malls in the country still had room to grow.
“With an increased number of international shopping malls and supermarkets, domestic investors must focus on design and sales systems to make them more attractive and competitive,” she said.
The size of Cambodia’s shopping malls was small compared with those in neighbouring countries, she added.