Listed on the mainboard, Hong Lai Huat has recently formed a strategic term sheet with co-living operator The Assembly Place. This agreement will see The Assembly Place managing Hong Lai Huat’s real estate and property development projects in Cambodia, while also bringing the co-living concept to the country for the very first time.
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In a joint statement released on November 28th, both companies have expressed their intention to finalize the key objectives within the next 60 days before entering into a binding agreement. These objectives include conducting feasibility studies for the fitting out of available units in Hong Lai Huat’s Royal Group Platinum development in Cambodia.
The partnership will also focus on marketing Hong Lai Huat’s commercial shop-house units at Royal Group Platinum, as well as leveraging The Assembly Place’s network to establish new sales channels in Singapore, Hong Kong, and Greater China’s first-tier markets for Hong Lai Huat’s completed and upcoming projects. Furthermore, the collaboration will see ongoing after-sales asset management services and the creation of jobs in local communities.
Hong Lai Huat’s website describes its development in Cambodia as a mixed residential and commercial project featuring 851 residential and 50 shophouse units. It is located just 20 minutes away from Phnom Penh International Airport, surrounded by 16 international schools and six sports facilities. The project is also in close proximity to Aeon Mall 2, which is currently the largest shopping mall in Phnom Penh.
According to Ong Jia Jing, executive director of Hong Lai Huat, the partnership has him “thrilled” as it will allow the group to provide top-tier asset management services to their investors and buyers in Cambodia, giving them the confidence they need when purchasing units in their developments.
Eugene Lim Ying Jie, CEO of The Assembly Place, also expressed his excitement about the partnership, stating that it aligns with their strategy of expanding the co-living concept both locally and internationally. He believes that combining Hong Lai Huat’s high-quality and well-designed developments with The Assembly Place’s extensive experience in the co-living sector will bring exceptional value to their purchasers.
The signing ceremony for this partnership was held at the CAMPUS by The Assembly Place on November 28th.