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AEON Mall 3 takes a step closer to reality

Jason Boken / Khmer Times Share:
Aeon Mall 1, a big part of the retail space in Cambodia. Khmer Times

AEON Mall 3 received approval from the Council for the Development of Cambodia (CDC) in late 2019 and it has recently been confirmed that Hyundai Engineering will develop the project.

AEON Mall 3 will be another huge retail space that will be adding to the 4 percent gain in retail space this year.

The project is the third AEON mall to be built in Cambodia by the international Japanese distribution group with an investment of $289.6 million.

AEON 3 is planned to be a five-storey shopping centre with a parking facility. The site is 170,000 square meters (sq m), the largest of the three AEON Malls in Cambodia.

The first AEON Mall in Tonle Bassac is 68,000 sq m and the second AEON mall in Sen Sok is 85,000 sq m. Previously, Hyundai Engineering has completed works for KOICA HRD Center, Cambodian local road maintenance and improvement projects and the ACLEDA Bank extension.

The 4 percent rise in retail space in Phnom Penh this year takes to 326,000 sq m in the first half of 2020 from 314,000 sq m at the end of 2019, a research report from real estate service provider CBRE Cambodia said.

Broken down by category, shopping malls covered the most retail space at 51 percent, followed by shopping centres at 25 percent, community malls at 14 percent and retail podiums at 10 per cent.

Vacancy rate stood at around 10.2 percent as of June 30, down from 10.63 percent on Dec 31.

The report lists the current average monthly prices are at $28.46 per sq m at prime shopping mall units,  which is down 12 percent from the Dec 31 rate. They are at around $26.03 at prime retail podium units and down 13 percent to $22.23 at community mall units, the number of which fell 4 per cent. Prices are at $26.23 at prime high-street units putting them up 1 per cent.

According to Knight Frank, one of the biggest real estate agents in Cambodia, the capital’s total retail floor will go beyond 1 million sq m of the net leasable area after 2021. A number of new malls have opened in Phnom Penh in recent years including Chip Mong NORO Mall, Exchange Square, Projects from the Mall Company, Olympia Mall, Eden Garden and Phnom Penh Megamall (due in the fourth quarter of this year).

The new AEON Mall was scheduled to open in 2023 but it is unclear whether the COVID-19 pandemic will cause delays in 2020.

The actual location of the biggest AEON Mall will be along Hun Sen Boulevard within Meanchey district’s Chak Angre Krom commune.

Another large retail space that will open will be based at The Peak, a project in the heart of Phnom Penh. Developer CapitaLand, through its wholly-owned shopping mall business CapitaLand Retail, has signed an agreement to manage a mall in Phnom Penh.

The mall is the retail component of The Peak, an upcoming high-end integrated development majority-owned by Singapore-based developer Oxley and Cambodian company Worldbridge Land.

The Peak, located in the Chamkarmon district in central Phnom Penh, is 55 storeys high. The freehold development will house an office tower, the country’s first Shangri-La Hotel, two luxury residential towers with 1,014 apartment units and the mall, which will open this year.

CapitaLand will oversee asset planning, pre-opening and retail management for the five-storey mall, which has a gross floor area, excluding car park, of about 39,000 sq m, and net lettable area of about 25,000 sq m.

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