K Mall will open by the end of the second quarter of 2021 with more than 40 shops welcoming customers with an attractive mixture of much-loved home-grown brands and international retailers and a variety of dining options.
It is promised the venue, developed by Urbanland, will provide the perfect retail climate to satisfy the long under-served retail needs of the busy neighbourhood in and around Veng Sreng Street in Phnom Penh..
This new community mall offers three floors of retail, with easy access to local favourite Lucky Supermarket, Zando and Nata Footwear. But K Mall is not just about shopping – it’s meant to be about relaxation as well.
Coffee lovers will be able to enjoy their favourite brew when homegrown cafe chain Brown Coffee opens its latest outlet at the mall’s entrance. Lucky Burger will be serving up tasty burgers to satisfy the Cambodian palate. Avid moviegoers get to watch the latest blockbusters in the all-new six-screen Legend Cinema with a premium theatre and one devoted to children.
With a leasable area of 12,000 square metres, K Mall will have more than 40 eateries and sell everyday urban essentials. The mall also incorporates generous public spaces in the form of plazas and terraces where other community activities such as festival markets, weekend bazaars and community events can be held. Customer-friendly amenities along with a parking supply of 700 motorbikes and 300 cars will enhance the comfort and convenience of visitors.
K Mall has achieved more than 50 percent in commitment for its retail leasing and expects more leases 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, said Hok Kang, managing director of Urbanland Asia Investment Co Ltd.
“Much precision and many details have been put into consideration for the interior design, bringing a whole new experience to shoppers and visitors. We hope that our shoppers will enjoy the one-of-a-kind concept, modern architecture, with an exciting tenant mixture to cater to the Cambodian lifestyle.” said Hok.
He said that K Mall enjoys a strategic location just minutes from Stung Meanchey intersection and Chom Chao roundabout. The first community mall on Veng Sreng is part of the larger KMH Park, a new masterplan development by Urbanland Asia, a member of the ISI Group.
According to a real estate company CBRE report, the impact of COVID-19 on the retail sector has caused a delay to new supply. It said that retail developers have pushed back their opening plans later into second half of 2020, 2021and further on. However, some of the planned supply in the retail sector is expected to be completed in 2020, have found it difficult to delay their opening, as contractual obligations and tenant fit-out have already begun.
“While the forecast supply for 2020 has fallen, there remains 47,968 square metres of community mall supply still expected by the end of 2020, the majority of which is comprised of three projects. The completion of Khalandale Mall added12,000 square metres during
Q2 2020, representing a 24 percent increase in completed community mall supply, and 3.71 percent q-o-q increase in total supply,” the report said.
“This quarter was especially challenging for the retail sector. While Cambodia had very limited restrictions… the foot fall in most retail centres reportedly dropped significantly. This led to a fall in rent of 11.7 percent for shopping malls and 2.48 percent for retail podiums.
Over the current quarter, average vacancy in the retail sector picked up slightly to 10.20 percent, a 0.09 percent up-tick from Q1 2020. However, both the ongoing pandemic and forecast supply have put pressure on retail and landlords, with many operations with secured longer-term tenants having negotiated temporary assistance measures in order to retain occupancy, according to CBRE.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.