Capital’s bustling Veng Sreng to welcome new mall
LONG known as an industrial zone that generates tens of thousands of jobs, the capital’s Veng Sreng area will welcome a new entrance of an attractive mix of much-loved homegrown brands and international retailers, and a variety of dining options.
Developed by Cambodianowned Urbanland and scheduled to launch in 2021, K Mall is set to tap into the Kingdom’s rising middle-class.
Just minutes from the Stung Meanchey and Chaom Chao junctions, the community mall – a first in Veng Sreng – is strategically located on the famous Veng Sreng Boulevard. The mall is easily accessible via National Ring Road 3 and Hun Sen Boulevard from the South.
With 12,000sqm of leasable space spread over three floors, K Mall exudes vibrancy with exciting food and beverage options, convenient grocery shopping, entertainment and stylish fashion offerings, creating a one-stop shop for the people’s daily needs.
Hok Kang, managing director of Urbanland Asia Investment, said K Mall has achieved more than 50 per cent of its retail leasing target and expect more to be signed in the coming months.
“Buying into K Mall’s vision and its strategic location are some of the deciding factors for the support received from our retail partners. Much precision and details have been put into consideration of its interior design, bringing a whole new experience to shoppers and visitors.
“We hope that our shoppers will enjoy the one-of-its-kind concept and modern architecture, with an exciting tenant mix to cater to Cambodian lifestyle,” he said.
Ann Sothida, the director CBRE Cambodia – the local affiliate of US commercial real estate services and investment firm CBRE Group Inc – said the mall market in Cambodia has been booming over the last few years. She said however that new players need to think of new ways to complement the existing ones in order to sustain.
“K Mall is located along Veng Sreng Blvd, which is home to the capital’s lower and middle class. So the new tenants have to understand customer’s need and determine what to place in the mall.
“It’s too early to say whether the mall will be successful. But I think it will be good in the next two years. Meanwhile, K Mall should differentiate itself and complement the mall market instead of competing with others,” she said.
K Mall is part of the larger KMH Park, a new development masterplan by Urbanland Asia, which is a member of the ISI Group. In Phase 1, the six-hectare development will include 40 shophouses, a three-storey community mall, nine-storey office tower, football stadium, and leisure park.
According to a CBRE Cambodia report, as of the end of the first quarter of this year, there are 23 shopping malls totalling around 38ha i n Phnom Penh.