Four New Malls Open in Q1 2021 Despite Recent Community Outbreak

• 7 April 2021
• Local News
• 3982 Views

During the first three months of 2021, four new malls have completed construction and started operations, despite the market being hit hard by the current COVID-19 community outbreak, according to a recent report by CBRE Cambodia.

Those new malls include Green Avenue in Sen Sok, TK Central in Toul Kork, View Park Mall in Duan Penh, and Boeung Snor Food Village in Chbar Ampov. These four added over 28,000 sqm to supply, or about 19% of the forecast supply in 2021.

The report added that the retail sector is still the hardest hit, especially given the recent surge in the COVID-19 community outbreak. According to the Phnom Penh Mobility Tracker, as of late March, the sector is almost 50% below the pre-20 February community incident.

Meanwhile, the occupancy rate in Q1 was 74.9%, down by 8.6% q-o-q. The rental rates for prime high street units dropped by 10% while the quotes for community malls, on the other hand, increased by 4.2%, while there was no adjustment for prime shopping malls and retail podiums.

The supply of retail sector in Cambodia is projected to reach 1 million sqm by 2025, which has lately become a major concern among market analysts that the supply will soon overshoot local demand. (Read more or watch the video).

• Economy and Finance