Japanese-owned multinational Aeon Mall (Cambodia) Co Ltd, announced in the first week of October that it is breaking ground on the construction of the Aeon Mall 3 project in Phnom Penh with an investment of more than $200 million.
The five-storey shopping mall will be located on the southern outskirts of the capital along Hun Sen Blvd or 60-metre street. The development is based on the 2035 Phnom Penh Land Use Master Plan where the southern part of the city has been designated as a new development area for high-rise construction and luxury satellite city projects.
“We also support trade cooperation and opening the investment environment to be more attractive and trustworthy to businesses and investors,” said Phnom Penh Governor.
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“The mall will be a retail centre that attracts people from Takhmao town and Dangkor districts residents to shop and it will encourage more people to come and live in the 60m street area. This area is already a commercial location where land prices are already high, so land prices will continue to rise in the future,” said Cambodian Valuers and Estate Agents Association President.
“This area has the Aeon Mall 3 project and new condominium projects and land here costs more than $3,000 per square metre,” he added.
Source: Phnom Penh Post
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