Japanese retail giant Aeon will invest USD 180 million in what will be Myanmar’s largest shopping mall. The new indoor retail complex will occupy a site of 72,000 square meters, according to the Nikkei Asian Review. Aeon’s Myanmar partner, with a 30% stake, will be Shwe Taung Group, whose 2 million square feet of total real estate includes Yangon’s Junction City Shopping, Junction City Tower, Pan Pacific Yangon, and other high-end commercial and residential landmarks. Construction on the Aeon-backed project will begin next year with a target completion of 2023.

This will not be the first southeast Asian foray for Aeon, Japan’s top real estate conglomerate. Its Myanmar project is partly motivated by success of Aeon locations in Cambodia, a company executive told Nikkei, adding that Aeon seeks to “capture a dominant market position in the absence of rivals.” Yet if Aeon expects to enter the Yangon mall scene without competition, it will be disappointed. Although the Shwe Taung Group is the market leader, rival foreign-backed megamalls have established themselves in the Yangon skyline. These include Myanmar Plaza, built by Vietnamese developer HAGL, and the recently-completed Times City, a multi-tower development off Pyay Road.