HLH Group sells over 51% of residential units of Cambodian project

AGRICULTURE and property firm HLH Group has sold more than 51 per cent of the residential units of its first real estate project in Cambodia.

D'Seaview, a mixed-use development of 737 residential units in the coastal town of Sihanoukville, saw "strong demand", mainboard-listed HLH said on Thursday.

The commercial space and the balance 49 per cent of its residential units, which are still up for sale, have an estimated market value of US$88 million, HLH added.

The commercial space includes a 10-storey, 98-room boutique hotel, along with retail spaces.

The hotel is scheduled to be completed in the fourth quarter of 2017, while the residential units for D'Seaview are expected to be completed by 2018.

Said HLH chief executive Johnny Ong: "Sihanoukville's tourism growth has been on a rapid rise in recent years ... this is a highly opportunistic time to leverage on Sihanoukville's booming growth by expanding and growing our businesses."

Construction works were awarded to the Cambodian subsidiary of Chinese construction and engineering firm Yanjian Group for US$36.8 million, HLH said.

The D'Seaview project is "not expected to have any material impact" on the financial performance of the firm for the financial year ending Dec 31, 2016, it added.

The counter closed unchanged at 0.6 Singapore cent on Thursday.