Cambodian city Sihanoukville is to get its first ever shopping malls this year, with two slated to open by the end of the year.
The first one, to be called Furi Times Square Mall, will be located near the Independence Monument, covering 12,000sqm, half of which will be up for lease. Singapore and Cambodia-based property developer Furi Corporation and investors from Macau and Hong Kong are said to have invested US$10 million into the four-storey shopping mall.
The company says the mall is aimed at keeping up with the rapid improvement of Sihanoukville and at benefiting from the influx of tourists, especially Chinese. It is reported that the city now has a population of 300,000 and attracts up to 9000 local and international tourists daily.
The growing number of Chinese arrivals in Sihanoukville is attributed mainly to the 71 casinos currently operating in the province, and more than half of them by Chinese.
Another property developer wanting to capitalise on the city’s undersupply of shopping malls is Chinese-run Prince Real Estate Group. The group said it is opening a 50,000sqm Prince Huan Yu Center shopping centre that will include department stores, retail shops, supermarkets and other services such as food, entertainment and recreation.
Cambodia ́s shopping malls market is still unsaturated, with Japan’s Aeon the only international retail mall operator present, says CBRE Cambodia in its Real Estate Market Outlook 2019.
“There is a significant opportunity for competitive international operators to enter the market,” it says.