Hong Lai Huat inks deal for mixed-use development in Phnom Penh
Singapore
MAINBOARD-LISTED real estate firm Hong Lai Huat Group Limited has signed a memorandum of understanding with Cambodian investment and development company The Royal Group to jointly develop a mixed-use development in Phnom Penh.
The development will be located on a freehold plot of land of 8,221 square metres that is located in the Cambodian capital's affluent Toul Kuok district. The site is also close to the country's largest university, The Royal University of Phnom Penh.
With the deal signed, the two parties will enter into a joint-venture agreement in the next 30 days where The Royal Group will inject ownership of the land, while Hong Lai Huat will fund all development, operation and construction costs for the new development amounting to a sum equivalent to the agreed value of the land.
Hong Lai Huat will also be responsible for all operational and personnel matters relating to the design, construction, marketing and sale of the finished development.
This is the second major project for Hong Lai Huat in Cambodia. It previously launched its first freehold, mixed-use development, D'Seaview, in the coastal city of Sihanoukville.
"We believe, with The Royal Group's established reputation and our experience with D'Seaview, this will be a mutually beneficial partnership," said Hong Lai Huat's executive deputy chairman and chief executive officer Johnny Ong.
Some of Hong Lai Huat's many projects in Singapore include D'Ecosia, D'Fresco, D'Castilia, D'Almira, D'Lithium, D'Kranji Farm Resort and D'Centennial.
