Phnom Penh (VNA) - Hyundai Engineering of the Republic of Korea recently announced it has won a 164-million-USD bid to build the AEON Mall 3 project development in Phnom Penh. 
 
Officials of the Korean company said that it secured the project from AEON Mall, one of Japan’s largest distribution groups, which operates more than 200 shopping centres around the world.
 
The site is 170,000 sq.m, the largest of the three AEON malls in Cambodia, all of which are in Phnom Penh. The mall is expected to open in 2023. 
 
In an interview with Khmer Times newspaper, President of the Cambodian Valuers and Estate Agents Association (CVEA) Chrek Soknim said that the news will help to give impetus to building more projects in the area.
 
Chrek, who is also the CEO of Century 21 Mekong realty firm, said that with the city’s urbanisation, more investment projects are expanding to the outskirts, creating great potential for the future. 
 
To expand the city, more infrastructure investment, including roads, commercial buildings and shopping centres are needed, he added.
 
According to Chrek, during the COVID-19 pandemic, the price of real estate has not changed much and transactions stalled. He said that after it is over, property prices will see an increase of 15 to 20 percent. 
 
AEON Mall plans to continue to expand its large shopping mall business in Southeast Asian countries, according to its financial results for the fiscal year that ended in February. 
 
The report shows that AEON Mall recorded operating revenue in ASEAN to the tune of about 123 million USD, an increase of 18.1 percent year-on-year while operating income amounted to 25 million USD, up 168.7 percent compared with the previous consolidated fiscal year./.