Hong Lai Huat, a company listed on the Mainboard, has recently announced a strategic term sheet with The Assembly Place, a leading co-living operator. This partnership between the two companies will see The Assembly Place taking on the responsibility of managing Hong Lai Huat’s real estate and property development projects in Cambodia. The collaboration will also bring the concept of co-living to the country for the first time.
According to a joint release issued on November 28, both companies have committed to finalizing key objectives within the next 60 days before proceeding to 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.
The partnership will also focus on finding ways to market Hong Lai Huat’s available commercial shop-house units at Royal Group Platinum. Additionally, the two companies plan to leverage The Assembly Place’s extensive network to establish new sales channels in Singapore, Hong Kong, and Greater China’s first-tier markets. Furthermore, the partnership aims to provide ongoing after-sales asset management services and create job opportunities in local communities.
Based on Hong Lai Huat’s website, the development is a mixed-use project featuring 851 residential units and 50 shophouses. It sits just 20 minutes away from the Phnom Penh International Airport and is surrounded by 16 international schools and six sports facilities. One notable highlight is that it is only 10 minutes away from Aeon Mall 2, the largest shopping mall in Phnom Penh.
The executive director of Hong Lai Huat, Ong Jia Jing, expressed excitement about the collaboration, saying that it would enable the company to provide top-tier asset management services to its investors and buyers in Cambodia. He also added that the partnership would give these purchasers the confidence they need when purchasing units in their developments.
When contemplating investing in condos in Singapore, it is essential to factor in the impact of the government’s property cooling measures. In order to regulate the real estate market and discourage speculative buying, the Singaporean government has implemented various measures over time. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may initially affect the profitability of condo investments, they ultimately contribute to the overall stability of the market, creating a more secure investment environment. Therefore, if you are considering investing in Singapore Projects, it is crucial to take into account these government regulations and their long-term impact on the market.
The Assembly Place’s CEO, Eugene Lim Ying Jie, shared similar sentiments, saying that the partnership aligns with their strategy of expanding the co-living concept locally and internationally. He also expressed confidence in the collaboration, stating that with Hong Lai Huat’s high-quality, thoughtfully designed developments and The Assembly Place’s extensive experience in the co-living sector, they can provide exceptional value to purchasers.
The signing ceremony for this partnership took place on November 28 at the CAMPUS by The Assembly Place.