Singapore, Cambodia JV to raise mixed-use project in Tuol Kork
HLH Development Pte Ltd, a subsidiary of publicly listed Hong Lai Huat Group Limited, yesterday entered into a joint venture agreement with local conglomerate Royal Group of Companies to launch a mixed development project in Phnom Penh.
The project, which will feature a park and a retail mall, is located in the heart of Tuol Kork district, one of the most affluent areas in the city, near the Royal University of Phnom Penh.
Hanna Mark, CFO of the Royal Group of Companies, said the project, which will be built in an 80,000 square metre plot, targets locals and people residing in the Kingdom with affordable pricing and international quality finishes.
“We will break ground in the next three months after signing the partnership,” he said. “We still have to decide how much money will be invested. We are still working on the actual final plan.”
He said the building’s height is limited to 12 storeys due to its proximity to Phnom Penh International Airport. Construction will last two years.
“We are excited to partner with HLH as they have more than 30 years of experience developing property in Singapore. We wanted the project to benefit from Singaporean quality and standards,” he said.
Ryan Ong, HLH Group executive director, said the collaboration will result in a world-class property.
“After successfully completing D’Seaview in Sihanoukville, we decided to collaborate with the Royal Group to develop a second property, this time in Phnom Penh.
“We decided to partner up with the Royal Group because of their experience in the Cambodian market, which will helps us tailor the project to the needs of Cambodians,” he added.