In a recent announcement, Hong Lai Huat, a company listed on the Mainboard, has entered into a strategic term sheet with co-living operator, The Assembly Place. As part of this partnership, The Assembly Place will be managing Hong Lai Huat’s various real estate and property development projects in Cambodia. This marks the first time the co-living concept will be introduced to the country.
Both companies have stated that they will work towards finalizing the key objectives within the next 60 days 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. The partnership will also focus on exploring ways to market available commercial shop-house units at Royal Group Platinum. Additionally, the group plans to utilize The Assembly Place’s networks 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. The collaboration will also involve providing ongoing after-sales asset management services and creating job opportunities in local communities.
According to information available on Hong Lai Huat’s website, the mixed residential and commercial project consists of 851 residential and 50 shophouse units. It is located just 20 minutes away from Phnom Penh International Airport and is surrounded by 16 international schools and six sports facilities. The project’s strategic location also offers convenience, being just 10 minutes away from 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 group to offer top-tier asset management services to their investors and buyers in Cambodia, giving them confidence when investing in the company’s developments. The Assembly Place’s CEO, Eugene Lim Ying Jie, believes that the collaboration aligns with their strategy of expanding the co-living concept both locally and internationally. He also added that with Hong Lai Huat’s high-quality developments and The Assembly Place’s expertise in the co-living sector, they aim to deliver exceptional value to their customers.
Investing in a condo has numerous advantages, one of which is the opportunity to use the property’s value for future investments. This means that investors can use their condos as collateral to secure financing for new investments, allowing them to grow their real estate portfolio. With the addition of New Condo Launches, this tactic can greatly increase profits but also carries its own set of risks. Thus, it is crucial for investors to have a solid financial plan in place and carefully consider the potential impact of market fluctuations before utilizing this strategy.
The term sheet signing ceremony was held at the CAMPUS by The Assembly Place on Nov 28.