An early evening view of AEON Mall Sen Sok City, Phnom Penh. Photo courtesy of SenSokTown.com
AEON Mall 3 has received official approval and is reported to be worth $290 million as part of a larger $2 billion investment list approved by the Council for the Development of Cambodia (CDC) in late 2019. The new AEON mall is scheduled to break ground in 2020 and is set to open in 2023.
The 3rd AEON mall is located along Samdech Techo Hun Sen boulevard within Meanchey district’s Chak Angre Krom commune. It set to be the largest mall in Phnom Penh, reported being 174,000 sqm in size. By comparison, the first AEON mall in Tonle Bassac is 68,000 sqm and the second AEON mall in Sen Sok is measured to be 85,000 sqm.
While reports of a third AEON mall in Phnom Penh have been circulating for months, its official approval from the CDC is expected to further increase property values in the surrounding area.
Some properties of note expected to see an increase in value are: Urban Village Phase 2, an upper-Grade B condominium development in Sangkat Chak Angrae Leu. Borey Galaxy, a gated community featuring modern shophouses and villas located in Spean Thma, Dangkao. Last but not least, developments from the R&F Group (R&F City and R&F Glory), featuring high-end condominiums located in Sangkat Chak Angrae Leu along Samdech Techo Hun Sen Boulevard.
According to data from Knight Frank, the capital’s total retail floor stock will break the 1 million sqm of net leasable area post-2021. AEON Mall 3 will be the biggest entry into Phnom Penh’s increasingly competitive retail space market yet.
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