The One Mall, a Chinese-backed three-storey shopping mall project in Phnom Penh, is expected to be completed in the second quarter of this year, after missing its scheduled December opening.
In August, The One Mall Management (Cambodia) Co Ltd, which is a subsidiary of Chinese firm Ming Sheung International Investment Co Ltd and the developer of the project, announced that the mall would be officially opened in December.
“It will be complete around April this year. Construction is moving along well. Workers are on the job day and night. Around 70 per cent has been completed so far,” a source close to the project told The Post on Wednesday.
However, the source declined to comment when asked about the project’s delay.
The project is constructed on a 12,000sqm plot at the site of the former container night market and near The Bridge building in Phnom Penh’s Tonle Bassac commune.
The value of the firm’s investment has not been disclosed.
In August, The One Mall Management announced that The One Mall will comprise of shops, a kid’s zone, a fitness centre, restaurants and clothing stores. The project’s construction began in June last year.
Century 21 Mekong CEO Chrek Soknim told The Post on Wednesday that the retail market is very popular among the Kingdom’s middle-income earners.
However, demand currently outstrips supply, he said. “Retail is currently making a strong foray into Cambodia – targeting Cambodians with good income and a need for better goods.
“Mall construction [projects] has not yet met the demand, and it will lead to more retail construction,” he said.
In August, The One Mall Management chairman Chris Wong said economic growth in the Kingdom prompted the company to invest in a large retail mall in the heart of Phnom Penh.
He said 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 also announced a new mall in Sihanoukville to attract Chinese clientele there.
A CBRE Cambodia report said there were a total of 19 buildings in Phnom Penh providing 314,000sqm of retail space as of the end of last year.
At the end of 2018, there were 14 buildings in the capital providing 282,580sqm of retail space, it said.
This year, CBRE Cambodia expects an additional 261,746sqm in retail space supply, bringing the total in Phnom Penh to 575,700sqm.