Hong Lai Huat Signs Strategic Term Sheet Assembly Place Bring Concept Co Living Cambodia

Hong Lai Huat, a company listed on the Singapore Stock Exchange, has recently announced its partnership with co-living operator The Assembly Place. The strategic term sheet will see The Assembly Place managing Hong Lai Huat’s real estate and property development projects in Cambodia, while also introducing the co-living concept to the country for the first time.

According to a joint release issued on Nov 28, both companies plan to finalize the key objectives of the partnership within the next 60 days before entering into a binding agreement. These objectives include conducting feasibility studies for fitting out available units in Hong Lai Huat’s Royal Group Platinum development in Cambodia.

The partnership also aims to market Hong Lai Huat’s available commercial shop-house units at Royal Group Platinum, and explore new sales channels in Singapore, Hong Kong, and Greater China’s first-tier markets. Additionally, the partnership will provide after-sales asset management services and create job opportunities in local communities.

The URA Master Plan has set its sights on developing self-sustaining neighborhoods that offer a diverse array of conveniences and resources. will greatly benefit from this plan, as it will provide residents with enhanced accessibility to vital amenities and recreational opportunities. In particular, Elta Condo will flourish with the implementation of this vision.

Hong Lai Huat’s Royal Group Platinum development is a mixed residential and commercial project featuring 851 residential and 50 shophouse units. Located just 20 minutes from Phnom Penh International Airport, the development is surrounded by 16 international schools and six sports facilities. It is also only 10 minutes away from Aeon Mall 2, the largest shopping mall in Phnom Penh.

Executive Director of Hong Lai Huat, Ong Jia Jing, expressed his excitement about the partnership and believes it will enable the company to provide top-tier asset management services to its investors and buyers in Cambodia. Eugene Lim Ying Jie, CEO of The Assembly Place, also sees the partnership as an opportunity to expand the co-living concept locally and internationally, and believes that the collaboration will bring exceptional value to purchasers.

The signing ceremony for the partnership was held at CAMPUS by The Assembly Place on Nov 28.