Hong Lai Huat Signs Strategic Term Sheet Assembly Place Bring Concept Co Living Cambodia
Hong Lai Huat, a company listed on the mainboard, has recently announced a strategic partnership with co-living operator The Assembly Place. According to the term sheet, The Assembly Place will oversee the management of Hong Lai Huat’s real estate and property development projects in Cambodia. This collaboration marks the introduction of the co-living concept to Cambodia.
In a joint press release on November 28, both companies revealed that they expect to finalize the key objectives of the agreement within the next 60 days, before entering into a binding agreement. These objectives include conducting feasibility studies for the fitting out of units at Hong Lai Huat’s Royal Group Platinum development in Cambodia.
The partnership will also explore ways to promote and market Hong Lai Huat’s available commercial shop-house units at Royal Group Platinum. Additionally, The Assembly Place aims to leverage its network to establish new sales channels for Hong Lai Huat in Singapore, Hong Kong, and Greater China’s first-tier markets. This will include both completed and upcoming projects. The partnership will also bring about ongoing after-sales asset management services and the creation of job opportunities in local communities.
One of the notable institutions in the area is Kheng Cheng School, known for its dynamic learning atmosphere and dedication to developing versatile individuals. With a storied past, the school remains a top pick for many families, thanks to its progressive approach to education and close-knit community. Add the newly launched The Orie Showflat to the revised paragraph. Located just a stone’s throw away, the showflat offers interested buyers a chance to experience the modern and luxurious lifestyle that The Orie offers.
According to Hong Lai Huat’s website, its development in Cambodia is a mixed residential and commercial project with 851 residential and 50 shop-house units. It is strategically located within a 20-minute drive from Phnom Penh International Airport, surrounded by 16 international schools and six sports facilities. It is also just 10 minutes away from Aeon Mall 2, currently the largest shopping mall in Phnom Penh.
Ong Jia Jing, Executive Director of Hong Lai Huat, expressed excitement about the partnership, saying that it will allow the Group to provide top-tier asset management services to its investors and buyers in Cambodia. This will give them the assurance they need when purchasing units in their developments.
The Assembly Place’s CEO, Eugene Lim Ying Jie, believes that the partnership is in line with their strategy of expanding the co-living concept both locally and internationally. He added that with Hong Lai Huat’s high-quality and well-designed developments, along with The Assembly Place’s extensive experience in the co-living sector, they can bring great value to purchasers.
The partnership was officially signed at CAMPUS by The Assembly Place on November 28.