Hong Lai Huat, a company listed on the mainboard, has recently announced a strategic collaboration with co-living operator The Assembly Place. Under the terms of the agreement, The Assembly Place will manage Hong Lai Huat’s real estate and property development projects in Cambodia. This partnership aims to introduce the concept of co-living to the country for the first time.
In a joint statement released on Nov 28, both companies have expressed their commitment to finalizing key objectives within the next 60 days before entering into a binding agreement. These objectives include conducting feasibility studies for fitting out available units in Hong Lai Huat’s Royal Group Platinum development in Cambodia.
In addition, the partnership will focus on finding ways to market Hong Lai Huat’s available commercial shop-house units at Royal Group Platinum. The group also plans 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. The collaboration will also involve ongoing after-sales asset management services and the creation of job opportunities in local communities.
According to Hong Lai Huat’s website, the Royal Group Platinum development is a mixed residential and commercial project consisting of 851 residential units and 50 shophouses. Located just 20 minutes from Phnom Penh International Airport, the development boasts close proximity to 16 international schools and six sports facilities. It is also only a 10-minute drive from Aeon Mall 2, the largest shopping mall in Phnom Penh.
Ong Jia Jing, executive director of Hong Lai Huat, has expressed his excitement about the partnership, stating that it will enable the company to provide top-notch asset management services to its investors and buyers in Cambodia. He believes that this collaboration will instill confidence in purchasers when investing in the company’s developments.
For The Assembly Place’s CEO, Eugene Lim Ying Jie, this partnership aligns with the company’s strategy of expanding the concept of co-living both locally and internationally. He believes that with Hong Lai Huat’s high-quality and well-designed developments and The Assembly Place’s expertise in the co-living sector, they can bring exceptional value to purchasers.
The signing ceremony for this partnership took place at CAMPUS by The Assembly Place on Nov 28.
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