A three-storey Chinese-backed mall in the capital will officially open in December this year, according to a company announcement on Thursday.
The One Mall project is led by The One Mall Management (Cambodia) Co., Ltd, a subsidiary of Chinese firm Ming Sheung International Investment Co., Ltd.
It is being constructed on a 12,000sqm plot near The Bridge building in Phnom Penh’s Tonle Bassac district.
The value of the firm’s investment has not been disclosed.
The One Mall will comprise of shops, a kid’s zone, a fitness centre, restaurants and clothing stores, according to the company. The rapidly progressing project’s construction began in June, with completion of the structure scheduled for October.
Chris Wong, Chairman of The One Mall Management, said that economic growth in the Kingdom prompted the company to invest in a large retail mall in the heart of Phnom Penh.
He added that The One Mall will play host to many local and international brands.
“To date, we are heartened that The One Mall has received support from long-standing retail brands in the Kingdom. The One Mall has a clear focus on offering different exposure to a social space where people spend their time experiencing, discovering and shopping,” Wong said.
The company will also open a new mall in Sihanoukville to attract Chinese clientele there, according to the company.
Ann Sothida, CBRE Cambodia Director, told The Post that The One Mall is in a good central location.
However, there are already two major malls nearby, so to be successful, investors need to have a clear understanding of customer needs, product launches and design, she said.
“There aren’t too many malls in Phnom Penh currently, but if this trend [of malls opening] continues, I think there will be problems in the next two or three years,” she said.
Sothida said that the current supply of malls in Phnom Penh is similar to that in Vietnam’s Ho Chi Minh City, but the Kingdom’s purchasing power is lower.
“What’s important is what kind of customers [investors] want to catch according to market needs,” she said.
A CBRE Cambodia report found that by the end of the second quarter of this year, there are 18 malls operating in Phnom Penh.