Hong Lai Huat, a listed company on the Mainboard, has recently announced a strategic partnership with co-living operator The Assembly Place. Under this partnership, The Assembly Place will be responsible for managing Hong Lai Huat’s real estate and property development projects in Cambodia. This collaboration will also introduce the concept of co-living to the country, marking it as a first for Cambodia.
In a joint press release issued on November 28, both companies stated that they aim to finalize key objectives within the next 60 days, before entering into a binding agreement. Some of these objectives include conducting feasibility studies for the fitting out of available units in Hong Lai Huat’s Royal Group Platinum development in Cambodia.
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Additionally, the partnership will also explore 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 the first-tier markets of Greater China for Hong Lai Huat’s upcoming and completed projects. As part of this partnership, ongoing after-sales asset management services will be provided, and jobs will be created in the local communities.
According to Hong Lai Huat’s official website, the Royal Group Platinum development is a mixed residential and commercial project that features 851 residential and 50 shophouse units. It is conveniently located just 20 minutes away from Phnom Penh International Airport and is surrounded by 16 international schools and six sports facilities. The development is also just 10 minutes away from Aeon Mall 2, 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 allow the company to provide top-tier asset management services to its investors and buyers in Cambodia. He believes that this collaboration will give them the confidence they need when purchasing units in their developments.
Eugene Lim Ying Jie, CEO of The Assembly Place, stated that this partnership aligns with their strategy of expanding the co-living concept locally and internationally. He believes that by combining Hong Lai Huat’s high-quality and well-designed developments with The Assembly Place’s extensive experience in the co-living sector, they will be able to deliver exceptional value to their purchasers.
The signing ceremony for this partnership took place at the CAMPUS by The Assembly Place on November 28.