Mainboard-listed Hong Lai Huat has entered into a strategic term sheet with co-living operator The Assembly Place.
The term sheet will see The Assembly Place managing Hong Lai Huat’s real estate and property development projects in Cambodia. The partnership will also introduce the co-living concept to the country for the first time.
In a joint release issued on Nov 28, both companies say they will focus on finalising the key objectives within the next 60 days before entering into a binding agreement. Some of the key objectives include conducting feasibility studies for the fitting out of available units in Hong Lai Huat’s Royal Group Platinum development in Cambodia.
The group will also discuss ways to market Hong Lai Huat’s available commercial shop-house units at Royal Group Platinum. In addition, the group says it intends to leverage 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. The partnership will also see ongoing after-sales asset management services and the creation of jobs in local communities.
According to Hong Lai Huat’s website, the development is a mixed residential and commercial project featuring 851 residential and 50 shophouse units. It is located some 20 minutes from Phnom Penh International Airport, and is surrounded by 16 international schools and six sports facilities. It is also 10 minutes away from Aeon Mall 2, which is currently the biggest shopping mall in Phnom Penh.
Ong Jia Jing, executive director of Hong Lai Huat said he was “thrilled” by the partnership, saying that the collaboration will enable the group to “provide top-tier asset management services to [its] investors and buyers in Cambodia, giving them the confidence they need when purchasing units in [its] developments.”
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To The Assembly Place’s CEO Eugene Lim Ying Jie, the partnership aligns with its strategy of expanding the co-living concept locally and internationally.
“With Hong Lai Huat’s group high quality and thoughtfully designed developments and TAP’s extensive experience in the co-living sector, we believe that we can deliver exceptional value to the purchasers,” he says.
The signing ceremony took place at the CAMPUS by The Assembly Place on Nov 28.
Shares in Hong Lai Huat closed flat at 5.3 cents on Nov 28.
