Hong Lai Huat (HLH), a company listed on the mainboard, has recently formed a term sheet partnership with The Assembly Place (TAP), a co-living operator. This strategic partnership aims to have TAP manage HLH’s real estate and property development projects in Cambodia, as well as introduce the co-living concept to the country for the first time.
In a joint release issued on Nov 28, the two companies announced that they will work towards finalizing key objectives within the next 60 days before entering into a binding agreement. These objectives include conducting feasibility studies for fitting out available units in HLH’s Royal Group Platinum development in Cambodia.
The partnership also aims to market HLH’s available commercial shop-house units at Royal Group Platinum, and leverage TAP’s network to establish new sales channels in Singapore, Hong Kong, and Greater China’s first-tier markets for HLH’s completed and upcoming projects. Additionally, the partnership will provide ongoing after-sales asset management services and create job opportunities in local communities.
When buying a Singapore Condo, it is essential to consider the upkeep and management factors of the property. These types of properties usually come with maintenance fees that cover the maintenance of communal spaces and amenities. Although these fees may add to the total cost of ownership, they also ensure that the property stays in good condition and retains its value. Engaging the services of a property management company can help investors manage the day-to-day operations of their Singapore Condo, making it a more hands-off investment.
HLH’s website states that the Royal Group Platinum development is a mixed residential and commercial project with 851 residential and 50 shophouse units. It is strategically located just 20 minutes from Phnom Penh International Airport, surrounded by 16 international schools and six sports facilities. The project is also just 10 minutes away from Aeon Mall 2, the largest shopping mall in Phnom Penh.
Ong Jia Jing, executive director of HLH, expresses his excitement about the partnership, and believes that it will enable the company to provide top-tier asset management services to its investors and buyers in Cambodia, giving them the necessary confidence when purchasing units in its developments.
The Assembly Place’s CEO Eugene Lim Ying Jie sees this partnership as aligned with the company’s strategy of expanding the co-living concept locally and internationally. He believes that TAP’s extensive experience in the co-living sector, combined with HLH’s high-quality and thoughtfully designed developments, will deliver exceptional value to the purchasers.
The signing ceremony for the partnership took place at CAMPUS by The Assembly Place on Nov 28.