Hong Lai Huat makes progress in the construction for Royal Platinum in Cambodia

Hong Lai Huat is optimistic about the progress and sales in the development of their Royal Platinum and D’Seaview project units, in light of the improved the situation of Covid-19 in Cambodia.

In a recent update to its business the company stated that Royal Platinum’s construction work is on schedule and has reached the 10th level in the entire of 28. The project is Hong Lai’s second mixed-use development located in Phnom Penh, has a total with 851 units of residential as well as 50 commercial spaces.

Piccadilly Grand by CDL & MCL is mixed-use development that comprises 405 units that have a range of bedrooms ranging from 1 to 4 and retail space located on the 1st floor.

Around 90% of the penthouse and commercial Royal Platinum units Royal Platinum were sold to both international and local buyers.

“With an overall Gross Development Value of 220 dollars million The sales are growing well. The group is positive about the prospects for FY22 particularly following the Cambodian government has announced that there will be no quarantine travel for those who have been fully vaccinated returning in the fourth quarter of FY21.” the company stated.

In the months of Sept. 2020 and Nov. 2021 Hong Lai Huat acquired its third and fourth plots of land within Phnom Penh as well as Sihanoukville province. Both projects are currently in design and feasibility studies as well as designing phases.

Based on preliminary estimates that both projects will have the potential to develop a gross amount of around $400 million.

In October of last year, Hong Lai Huat entered into an agreement for joint venture in October last year with HSC Group for the exploration and mining of mineral resources within the construction material area within the Agri Hub.

Applications for licenses are in review, and are awaiting approval by the regulatory authorities in Cambodia. The company will continue to look for strategic partners to leases or joint collaboration for other land plots in the Agri Hub in the coming months.

Hong Lai Huat has sufficient liquidity from business actions that it took in FY21, including an rights issue the sale of property units, the sale of the hotel D’Seaview and selling the subsidiary of Hong Lai Huat in Singapore to cover its short-term operating and debt obligations.

The company will announce its FY21 financial results on February 28.