Hong Lai Huat, a company listed on the mainboard, has formed a strategic partnership with co-living operator The Assembly Place. This term sheet will pave the way for The Assembly Place to manage Hong Lai Huat’s real estate and property development projects in Cambodia. This collaboration will also bring the concept of co-living to the country for the first time.
In a joint statement issued on Nov 28, both companies have set a 60-day timeline to finalize the key objectives before signing a binding agreement. These objectives include conducting feasibility studies for the fitting out of available units in Hong Lai Huat’s Royal Group Platinum development in Cambodia. Additionally, the group will explore ways to market Hong Lai Huat’s available commercial shop-house units in Royal Group Platinum. They also intend to take advantage of The Assembly Place’s network to establish new sales channels in Singapore, Hong Kong, and Greater China for Hong Lai Huat’s completed and upcoming projects. The partnership will also provide ongoing after-sales asset management services and create job opportunities in local communities.
According to Hong Lai Huat’s website, the development is a mixed residential and commercial project with 851 residential and 50 shophouse units. It is conveniently located only 20 minutes away from Phnom Penh International Airport and is surrounded by 16 international schools and six sports facilities. The development is also within a 10-minute drive to Aeon Mall 2, which is currently the largest shopping mall in Phnom Penh.
Ong Jia Jing, executive director of Hong Lai Huat, expressed his excitement about the partnership, stating that it will enable the company to provide top-tier asset management services to their investors and buyers in Cambodia. He believes that this collaboration will give them the confidence they need when purchasing units in their developments.
For The Assembly Place’s CEO Eugene Lim Ying Jie, this partnership is in line with their strategy of expanding the co-living concept both locally and internationally. He believes that with Hong Lai Huat’s high-quality and thoughtfully designed developments and The Assembly Place’s extensive experience in the co-living sector, they can deliver exceptional value to their purchasers.
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The signing ceremony for this partnership was held at the CAMPUS by The Assembly Place on Nov 28.