Royal Group, Leading Singapore Firm Join for Mixed-use Development

• 17 August 2018
• Local News
• 2836 Views

Singapore property developer Hong Lai Huat signed a memorandum of understanding (MOU) with Cambodia’s largest conglomerate The Royal Group on 13 August to jointly develop a mixed-use development in Phnom Penh, according to the official press release.

The planned mixed-use development is to be located on a freehold plot of land of approximately 8,221 square metres in Phnom Penh’s prestigious Toul Kork District.

Under the agreement, The Royal Group will inject ownership of the land while Hong Lai Huat will provide funds for all development, construction costs and operations at an amount equivalent to the sum of the agreed value of the land.

In addition, Hong Lai Huat will also be responsible for the costs of operational and personnel such as the design, construction, marketing and sale of the completed development.

“We are pleased to have inked an MOU with one of the most dynamic and established companies in Cambodia….., this will be a mutually beneficial partnership,” said Hong Lai Huat’s Executive Deputy Chairman and CEO Dr Johnny Ong.

The joint-venture agreement is to commence 30 days after the signing date which is on 13 September, 2018.

Hong Lai Huat is a fast-growing, diversified real estate company focused on property development and agriculture development in Cambodia and Singapore.

• Projects Development