The official ground breaking ceremony for Aeon mall 3 took place 7th after receiving necessary approvals from the Council for the Development of Cambodia (CDC).

Hyundai Engineering and Construction Co Ltd., has been appointed as the main contractor. Aeon 3 is set to be another huge retail space that will be adding to the 4 percent gain in retail space this year. The mall is being developed at a cost of $289.6 million by the international Japanese retail conglomerate, AEON Group.

Aeon is the largest retailer in Asia and is a retail network comprising around 300 consolidated subsidiaries and 26 equity-method affiliated companies. These range from convenience stores “Ministop” and supermarkets to shopping malls and specialty stores, including having owned the American chain Talbots. AEON is Japan’s single-largest shopping mall developer and operator.

Aeon 3 comprises a five-storey shopping centre with parking facilities. The mall is located on a 170,000 square meters site and is the largest of the three Aeon malls in Cambodia. The first Aeon mall in Tonle Bassac is 68,000 sq mt and the second Aeon mall in Sen Sok is 85,000 sq mt.

Phnom Penh Governor Khuong Sreng said, “The construction of the Aeon Mall 3 by Aeon Mall (Cambodia) will attract more investments into the Kingdom and serve as a flagship investment by the Japanese. It also reflects the friendship and comprehensive collaboration between Japan and Cambodia.”

He added that Phnom Penh has around 263 residential projects and 1,424 high-rise buildings. Sreng added that in the first 9 months of the year, the Capital has received more than 1,020 new construction projects sitting on five million square meters and are worth approximately $2.3billion.

“The construction of Aeon Mall 3 by the Aeon Mall (Cambodia) Co., Ltd now is the right decision as it aligns with the Phnom Penh Master Plan 2035 and because the south of Phnom Penh has been considered as the new development zone for welcoming new high rise buildings, luxurious buildings and satellite city in the capital,” Sreng added.

“To push and support private investments in the service sector in Phnom Penh, I would like to support the project and will contribute towards facilitating its implementation and collaborating with the company to have a better investment environment in order to build confidence with the investors and businessmen,” he added.

Ann Thida, managing director of real estate company CBRE, had earlier said that the investment from Aeon Mall 3 shows the retail sector is in demand. “In the southern part of Phnom Penh, there is no supermarket or mall yet, so it shows the potential,” Thida said.

“The investment is in the centre of an area with vast potentials because many middle class people will move there.”