UPDATED on October 23, 2023
Government calls for more developments in Southern Phnom Penh
With approval from the Council for the Development of Cambodia (CDC), Aeon mall 3 is in progress of construction which broke ground last October 2020.
This project is set to occupy 174,000 square meters in gross floor area, which is a lot larger than Aeon 1 and Aeon 2 combined. That said, Aeon Mall 3 investment value is highest at $290 million than that of Aeon 1 with $205 million and Aeon 2 with approximately $120 million investment.
According to Hyundai Engineering and Construction Co. Ltd., the main contractor of the project, Aeon 3 is expected to operate in 2023 and will add to the 4 percent gain in retail space this year.
Reports say, Aeon 3 shopping mall, once completed, would become the largest retail complex which presents endless opportunities. Located in Chak Angre commune, along Hun Sen Blvd. within Meanchey’s district, Ann Thida (managing director of CBRE) said
“There are no supermarkets or malls yet in the southern part of Phnom Penh, so it shows a potential.”
In late August (2020), a senior government official already called the attention of property developers to focus in developing more projects in the south of Phnom Penh.
“We urge developers to look into other potential areas, especially the area of new Phnom Penh International Airport in Kandal province.”
– General Kun Kim, senior minister and secretary general of Cambodia Veterans Association
Only 18 km from Aeon 3, the new Phnom Penh international airport is being developed and will be divided into three phases, whereas the first phase is expected to open in 2023.
When finished, Chrek Soknim (president of the Cambodian Valuers and Estate Agents Association) said it would help boost the country’s property and construction sector and will attract more investors.
This massive project by Overseas Cambodia Investment Corporation (OCIC) will occupy over 2,600 hectare of land area and will be designed by Foster & Partners, a prestigious international firm.
Built to become a 4F class airport, the new Phnom Penh international airport would be the ninth largest airport in the world, next to Chicago O’Hare airport, and followed by China’s Beijing Capital International.
Based on the master plan, it will be capable of accommodating up to 27 million passengers which will rise up to 30 million passengers by 2050, as well as handling large long-haul aircrafts.
Expected developments around the airport are namely: warehouse projects to distribute and store goods from the airport, as well as restaurants, shopping malls, accommodation and other residential properties.
Benefits of Aeon 3 for the Cambodian Community:
- Economic Benefits:
The mall is expected to create jobs during construction and operation and to boost economic activity in the surrounding area. It is also expected to attract tourists and foreign investment.
- Job Opportunities:
The mall will create jobs for skilled and unskilled workers. This will help to reduce unemployment and improve the livelihoods of many Cambodians.
- Increased Access To Goods And Services:
The mall will provide consumers with a broader range of goods and services, including international brands unavailable in Cambodia. This will benefit both local businesses and consumers.
- Improved Infrastructure:
The mall’s construction will improve the area’s road network, making it easier for people to get around. This will also benefit businesses and residents in the area.
- Increased Tourism:
The mall is expected to attract tourists from Cambodia and abroad. This will boost the tourism industry and create jobs in the hospitality sector.
- Improved Image Of Cambodia:
The mall shows Cambodia’s economic progress and growing attractiveness to foreign investors. This will help to improve the country’s image abroad.
Features and Offerings of Aeon 3 –
Large Outdoor Park:
The mall features a large outdoor park on the third floor, Cambodia’s first of its kind. The park has a variety of amenities, including a playground, a walking track, and a koi pond.
A 35-meter-long glass slide connects the third floor to the second floor. The slide is made entirely of glass so riders can enjoy stunning views of the mall and the surrounding area.
The mall features large-scale digital signage throughout the premises. The signage is used to display information about the mall’s offerings and promote special events and promotions.
The mall has several anchor stores, including Aeon, a Japanese department store chain, and Uniqlo, a Japanese clothing retailer. The mall also has a variety of other stores, including restaurants, cafes, and shops selling various goods.
Entertainment And Educational Facilities:
The mall has entertainment and educational facilities, including a cinema, a bowling alley, and a kids’ play area. The mall also hosts various events, such as concerts, festivals, and workshops.
Impacts of Aeon 3 on the Real Estate Market in Cambodia
Increased Demand For Residential Property:
The mall is expected to attract many new residents to the area. This will create demand for new residential property, such as apartments, condos, and townhouses.
Increased Demand For Commercial Property:
The mall is expected to attract many new businesses to the area. This will create demand for new commercial property, such as office, retail, and warehouse spaces.
Increased Property Prices:
The increased demand for property in the area will increase prices. This is especially true for property located near the mall.
Improved Investment Opportunities:
The mall is expected to improve the investment climate in the area. This will make it more attractive to investors looking to invest in property in Cambodia.