Hong Lai Huat, a company listed on the Mainboard, has recently announced a strategic partnership with co-living operator, The Assembly Place. Under the terms of the agreement, The Assembly Place will be responsible for managing Hong Lai Huat’s real estate and property development projects in Cambodia. This marks the first introduction of the co-living concept to the country.
Both companies released a joint statement on November 28, stating their intent to finalize key objectives within the next 60 days and enter into a binding agreement. Some of 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 aims to explore ways to market Hong Lai Huat’s available commercial shop-house units at Royal Group Platinum. The Assembly Place’s extensive network will be leveraged to establish new sales channels in Singapore, Hong Kong, and first-tier cities in Greater China for Hong Lai Huat’s completed and upcoming projects. The collaboration will also provide ongoing after-sales asset management services and create job opportunities in local communities.
According to Hong Lai Huat’s website, the Royal Group Platinum development is a mixed residential and commercial project featuring 851 residential and 50 shophouse units. It is conveniently located just 20 minutes from Phnom Penh International Airport and is surrounded by 16 international schools and six sports facilities. The project is also within a 10-minute drive from Aeon Mall 2, the largest shopping mall in Phnom Penh.
Ong Jia Jing, executive director of Hong Lai Huat, expressed his enthusiasm for 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 will give them the confidence they need when purchasing units in their developments.
The Assembly Place’s CEO, Eugene Lim Ying Jie, views this partnership as an opportunity to further expand the co-living concept both locally and internationally. He believes that with Hong Lai Huat’s high-quality and well-designed developments, combined with 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 the partnership took place at the CAMPUS by The Assembly Place on November 28.
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