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Aeon Mall postpones Yangon shopping mall construction after coup
The shopping mall developer had eyed this summer to start construction, but uncertainty has arisen over the project following a February coup in the Southeast Asian country. No new target has been given.
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Aeon retail store pictured in February 2017 in Kuala Lumpur, Malaysia. (Shutterstock/File)
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eon Mall, a developer of shopping malls under major Japanese retailer Aeon, has postponed construction of a mall being planned in Myanmar's largest city Yangon, according to a source familiar with the project.
The shopping mall developer had eyed this summer to start construction, but uncertainty has arisen over the project following a February coup in the Southeast Asian country. No new target has been given.
Aeon Mall has set up a joint venture with a local conglomerate with plans to open a shopping mall with the largest retail floor space in Myanmar in 2023.
The source said that while the Japanese company is not considering withdrawing from the project, it would be "required to make partial revisions to its plans to adapt to consumer trends and economic conditions in the country."
The Myanmar government had approved a $180 million project-related investment last year.
