Landmark Hopeful of Future Retail Agreements
A 20-story retail and office building development opposite Phnom Penh’s Freedom Park by U.K.-based Hongkong Land Ltd. (HKL) is being built without pre-existing rental agreements, the company’s general manager, Daniel Parkes, said Thursday. Land Management Minister Im Chhun Lim last Friday hosted the groundbreaking of the $100-million Landmark project, which lies between streets 102 and 106 and will feature four floors of retail space and 16 floors of office space. Mr. Parkes said Thursday that, unlike the defunct real estate development firm that the company acquired its land from in April 2011, HKL is not constructing the project based on an agreement with a department store chain. … The site had been touted by JSM in 2009 as the future home of Malaysian department store chain Parkson, which had pre-rented 80 percent of the 30,000 square meters of retail space JSM had planned to construct before the company offloaded the inner-city site to HKL. … HKL is owned by British conglomerate Jardine Matheson, which amassed $60.45 billion in revenue in 2012 and purchased a 12.25 percent stake in Acleda Bank in February 2010. … Ministry of Land Management spokesman Beng Hong Socheat Khemro earlier this week suggested that the new Landmark project—which is near the Vattanac and Canadia towers—could be the first of many office and retail construction projects to be opened in Phnom Penh in the next few years. …
Alex Willemyns and Hul Reaksmey
http://www.cambodiadaily.com/business/landmark-hopeful-of-future-retail%E2%80%88agreements-42254/
