Hong Lai Huat, a company listed on the Mainboard, has announced entering into a strategic term sheet with The Assembly Place, a leading co-living operator. The term sheet outlines an agreement for The Assembly Place to manage and develop Hong Lai Huat’s real estate and property projects in Cambodia. This partnership marks the introduction of the innovative co-living concept to the country for the first time.
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In a joint statement released on November 28, both companies expressed their focus on finalizing key objectives within the next 60 days before entering into a binding agreement. These objectives include conducting feasibility studies for the conversion of available units in Hong Lai Huat’s Royal Group Platinum development in Cambodia. The group will also explore ways to market the commercial shop-house units at Royal Group Platinum. The partnership aims to leverage The Assembly Place’s extensive 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. It will also provide ongoing after-sales asset management services and create employment opportunities in local communities.
According to Hong Lai Huat’s website, the development is a mixed residential and commercial project that will feature 851 residential units and 50 shophouses. It is strategically located just 20 minutes from Phnom Penh International Airport and is surrounded by 16 international schools and six sports facilities. The project is also a mere 10 minutes away from Aeon Mall 2, the largest shopping mall in the capital.
Ong Jia Jing, Executive Director of Hong Lai Huat, expressed his excitement about the partnership, stating that it will enable the company to offer top-notch asset management services to their investors and buyers in Cambodia. This will give them the confidence they need when purchasing units in the company’s developments. CEO of The Assembly Place, Eugene Lim Ying Jie, believes that the partnership aligns with their strategy of expanding the co-living concept locally and internationally. He emphasized the company’s confidence in successfully delivering exceptional value to the purchasers with Hong Lai Huat’s high-quality and thoughtfully designed developments and TAP’s extensive experience in the co-living sector.
The signing ceremony for the partnership took place at CAMPUS by The Assembly Place on November 28.