Cambodia: Work stars on Aeon Mall 3 in Phnom Penh hinh anh 1The five-storey shopping mall will be located on the outskirts of the city and construction will take 27 months. (Photo: Phnom Penh Post)

Phnom Penh (VNA) - Japanese-owned multinational Aeon Mall (Cambodia) Co Ltd has announced 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 USD.

The five-storey shopping mall will be located on the outskirts of the city and construction will take 27 months, the Phnom Penh Post reported.

Phnom Penh Governor Khuong Sreng said at a groundbreaking ceremony that based on the 2035 Phnom Penh Land Use Master Plan, the southern part of the city has been designated as a new development area for high-rise construction and luxury satellite city projects to ensure the effective use of existing land in the city.

He appreciated the progress and the decision of the company to invest in the development of shopping malls from the first project to the third project in Phnom Penh.

“On behalf of the Phnom Penh administration, I support, welcome and encourage investment in all service businesses in the city.

“We also support trade cooperation and opening the investment environment to be more attractive and trustworthy to businesses and investors,” he was quoted by the newspaper as saying.

Cambodian Valuers and Estate Agents Association President Chrek Soknim told The Post on October 7 that the southern satellite city – ING City – will become an attractive commercial hub for investment in commercial buildings in the future because the suburbs have large plots of land for real estate development.

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.

The Council for the Development of Cambodia (CDC) in December approved AEON Mall to invest 289.6 million USD in the 174,000sqm satellite ING City project, which is scheduled to open in 2023.

Aeon Mall 1 had a capital investment of about 205 million USD and Aeon 2, 120 million USD. It opened in June 2018 with a total area of about 68,000sqm in Sen Sok district./.