HLH Group comes to settlement agreement for sale of D’Seaview in Sihanoukville

• Kongleaphy Keam
• 29 May 2021
• Local News
• 3199 Views

After calling off the sale in 2018 due to the buyer’s issue, Hong Lai Huat (HLH) Group’s subsidiary PH One Development has re-entered into a settlement agreement with the buyer on May 27, reported The Edge Singapore.

In the agreement, both parties accept that the buyer has paid US$4.2 million according to the payment schedule provided in the sale and purchase agreement (SPA), which will be accepted as part payment of the purchase price.

The buyer remains liable – in addition to the balance – to pay the tax authority the applicable transfer tax.

HLH Group announced the sale of its 98-key hotel in its D’Seaview project in Sihanoukville for US$15.7 million in March 2018. However, in December of the same year, the firm called off the deal, by stating that the buyer failed to make the requisite payments for the purchase. (Read more and more)

The hotel is part of the project named D’Seaview, which is HLH Group’s first freehold mixed-use development in Cambodia and features 737 residential units and 67 commercial units.

The group also holds the land rights to an adjacent freehold site of 22,064 square metres.

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