Hong Lai Huat, on May 4, announced that it has entered into a term sheet with Fabi Capital, where it will grant the latter a right to purchase up to US$50 million ($69.2 million) worth of residential and commercial units in D’Seaview.
Fabi Capital is a real estate management and blockchain solutions company that seeks to make investing in real estate more secure and accessible with the help of non-fungible token (NFT) technology.
D’Seaview is the company’s upscale mixed-used development project that’s located in Cambodia’s Sihanoukville Province. It comprises 737 residential units and 67 commercial units and sits on 9,818 sqm of land.
The term sheet was entered into by Hong Lai Huat’s wholly-owned subsidiary, PH One Development (Cambodia), on May 3. It is slated to last till Dec 31, unless both parties decide to terminate the partnership ahead of its end date.
According to Hong Lai Huat, Fabi Capital will “explore all reasonable endeavours, including the sale of tokens and NFTs to raise funds for the acquisition.
Fabi Capital will commit to buying US$5 million worth of properties for every US$5 million raised.
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“Partnering with Fabi Capital is an exciting opportunity that allows us to firmly establish an additional sales channel for D’Seaview. The group will continue to explore viable development projects and expand our property portfolio,” says Ong Jia Jing, group general manager and executive director of Hong Lai Huat.
Shares in Hong Lai Huat closed at 9.5 cents on April 29.
