Hong Lai Huat, a company listed on the mainboard, has formed a strategic partnership with co-living operator, The Assembly Place. This collaboration will see The Assembly Place managing Hong Lai Huat’s real estate and property development projects in Cambodia, introducing the co-living concept to the country for the first time.
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According to a joint release issued on Nov 28, the two companies plan to finalize key objectives within the next 60 days before signing a binding agreement. One of the main objectives is to conduct feasibility studies for fitting out available units in Hong Lai Huat’s Royal Group Platinum development in Cambodia.
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The partnership also aims to promote Hong Lai Huat’s available commercial shop-house units at Royal Group Platinum and explore new sales channels in Singapore, Hong Kong, and Greater China’s first-tier markets. In addition, the partnership will provide ongoing after-sales asset management services and create employment opportunities in the local community.
Hong Lai Huat’s website states that the development is a mixed residential and commercial project with 851 residential and 50 shophouse units. It is situated 20 minutes away from Phnom Penh International Airport and is surrounded by 16 international schools and six sports facilities. The project is also located just 10 minutes away from Aeon Mall 2, the largest shopping mall in Phnom Penh.
Ong Jia Jing, executive director of Hong Lai Huat, expresses his excitement for the partnership and believes that it will enable the group to provide top-tier asset management services to buyers and investors in Cambodia, instilling confidence in their purchases. The Assembly Place’s CEO, Eugene Lim Ying Jie, also shares his sentiments, stating that the partnership is in line with their strategy to expand the co-living concept locally and internationally.
“With Hong Lai Huat’s high-quality and well-designed developments and TAP’s extensive experience in the co-living sector, we are confident that we can deliver exceptional value to our purchasers,” says Lim.
The signing ceremony was held at the CAMPUS by The Assembly Place on Nov 28.