Hong Lai Huat and The Royal Group to jointly develop project in Phnom Penh
Singapore-listed property developer Hong Lai Huat and Cambodian investment and property development company, The Royal Group of Companies, have signed a memorandum of understanding to jointly develop a mixed-use development in Phnom Penh, Cambodia. The new development will be in the heart of Toul Kuok district, one of Cambodia’s most affluent areas, and will be on a freehold, 88,490 sq ft site.
Under the joint-venture agreement, 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. The costs will amount 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 completed development.
This is Hong Lai Huat’s second mixed-use development in the country. The company successfully launched its first Cambodian development, D’Seaview, in 2016.
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