Hong Lai Huat, a company listed on the mainboard, has recently signed a strategic term sheet with The Assembly Place, a co-living operator. The term sheet outlines plans for The Assembly Place to manage Hong Lai Huat’s real estate and property development projects in Cambodia. This partnership represents the introduction of the co-living concept to the country for the first time.
In a joint release on November 28, both companies shared that they aim to finalize key objectives within the next 60 days before officially entering into a binding agreement. Some of 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 also includes plans to promote and market Hong Lai Huat’s available commercial shop-house units at the Royal Group Platinum development. In addition, the partnership seeks to utilize The Assembly Place’s extensive network to create new sales channels in Singapore, Hong Kong, and Greater China’s first-tier markets for Hong Lai Huat’s completed and upcoming projects. This will also result in job creation within local communities, as well as ongoing after-sales asset management services.
According to Hong Lai Huat’s website, the development in Cambodia is a mixed residential and commercial project consisting of 851 residential units and 50 shophouse units. It is situated just 20 minutes from Phnom Penh International Airport and is surrounded by 16 international schools and six sports facilities. The development is also a mere 10 minutes away from Aeon Mall 2, currently the largest shopping mall in Phnom Penh.
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Ong Jia Jing, Executive Director of Hong Lai Huat, expressed excitement about the partnership, stating that it will enable the company to offer top-tier asset management services to its investors and buyers in Cambodia. This, in turn, will instill confidence in purchasing units in their developments.
Eugene Lim Ying Jie, CEO of The Assembly Place, believes that the partnership aligns with their strategy of expanding the co-living concept both locally and internationally. He adds that with Hong Lai Huat’s high-quality and thoughtfully designed developments, combined with The Assembly Place’s extensive experience in the co-living sector, they are confident in delivering exceptional value to purchasers.
The signing ceremony took place at CAMPUS by The Assembly Place on November 28.