Hong Lai Huat, a company listed on the mainboard, has recently announced a strategic term sheet with co-living operator The Assembly Place. Under this agreement, The Assembly Place will be responsible for managing Hong Lai Huat’s real estate and property development projects in Cambodia. This partnership also marks the introduction of the co-living concept in the country for the first time.
In a joint statement released on November 28, both companies stated their intent to finalize key objectives within the next 60 days before entering 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.
Furthermore, the group plans to explore ways to market the commercial shop-house units at Royal Group Platinum and leverage The Assembly Place’s network to establish new sales channels in Singapore, Hong Kong, and Greater China. The partnership also includes ongoing after-sales asset management services and the creation of job opportunities in local communities.
According to Hong Lai Huat’s website, the development is a mixed residential and commercial project comprising of 851 residential and 50 shophouse units. It is conveniently located just 20 minutes away from Phnom Penh International Airport and surrounded by 16 international schools and six sports facilities. Additionally, it is only 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-notch asset management services to its investors and buyers in Cambodia. He believes that this collaboration will instill confidence in them when purchasing units in their developments.
The Assembly Place’s CEO, Eugene Lim Ying Jie, also shared his excitement for the partnership, stating that it aligns with their strategy of expanding the co-living concept both locally and internationally. With Hong Lai Huat’s high-quality and well-designed developments and The Assembly Place’s extensive experience in the co-living sector, they believe they can deliver exceptional value to their purchasers.
When purchasing a condo, it is crucial to take into consideration the maintenance and management of the property. Owning a condo typically means paying maintenance fees that go towards the upkeep of communal areas and amenities. While these fees may increase the overall cost of ownership, they also ensure that the condo remains well-maintained and holds its value. To make the investment more passive, investors can enlist the services of a property management company to handle the day-to-day tasks of managing the condo.
The signing ceremony for this partnership was held at the CAMPUS by The Assembly Place on November 28.