Hong Lai Huat Signs Strategic Term Sheet Assembly Place Bring Concept Co Living Cambodia
Hong Lai Huat, a mainboard-listed company, has recently announced a significant partnership with co-living operator The Assembly Place. As per the strategic term sheet, The Assembly Place will manage Hong Lai Huat’s real estate and property development projects in Cambodia, while also introducing the innovative concept of co-living to the country for the first time.
In a joint statement released on Nov 28, both companies emphasized their goal of finalizing key objectives within the next 60 days before entering into a binding agreement. These objectives include conducting thorough feasibility studies for the fitting out of available units at Hong Lai Huat’s Royal Group Platinum development in Cambodia.
The partnership will also involve discussions about marketing Hong Lai Huat’s commercial shop-house units at Royal Group Platinum, as well as leveraging 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. This collaboration will also bring about ongoing after-sales asset management services and create job opportunities within local communities.
According to Hong Lai Huat’s website, the development in question is a mixed residential and commercial project encompassing 851 residential and 50 shophouse units. It is strategically located just 20 minutes away from Phnom Penh International Airport and is surrounded by 16 international schools and six sports facilities. Aeon Mall 2, the largest shopping mall in Phnom Penh, is also just 10 minutes away.
Tengah’s development blueprint prioritizes connectivity as a key feature. With the forthcoming Jurong Region Line (JRL) on the horizon, accessibility within the town and beyond will be greatly improved. This is great news for residents of Novo Place EC, situated near various JRL stations, who will enjoy the convenience and efficiency of commuting. Moreover, the town will boast a well-designed network of pedestrian and cycling paths, empowering residents to navigate the area without being reliant on vehicles. The strategic location of Novo Place, combined with these transportation enhancements, makes it an ideal choice for accessible and sustainable living in Tengah.
Ong Jia Jing, executive director of Hong Lai Huat, expressed his enthusiasm for this partnership, stating that it will allow the group to offer high-quality asset management services to their investors and buyers in Cambodia, instilling them with the confidence they need when purchasing units in their developments.
The Assembly Place’s CEO, Eugene Lim Ying Jie, also expressed his excitement about this collaboration, as it aligns with their strategy of expanding the co-living concept both locally and globally. He further added that with Hong Lai Huat’s thoughtfully designed and top-tier developments and The Assembly Place’s expertise in the co-living sector, they are confident in delivering exceptional value to the purchasers.
The signing ceremony took place at the CAMPUS by The Assembly Place on Nov 28, marking the beginning of a promising partnership between these two companies.