SGX Mainboard-listed HLH Group Limited (“HLH” or the Group) has launched its proprietary real estate development brand “CAMHOMES” today to build the first Singapore style public housing homes in Cambodia. The Singapore homegrown listed co. is also the first Singapore Company to venture to Cambodia to embark into such public housing projects for the mass market in the country.
In conjunction with the launch of CAMHOMES, HLH also unveiled its first housing project under the CAMHOMES brand. Called D’Seaview, the mixed-development project will be built in Sihanoukville, Cambodia’s premier tourist destination and one of the fastest growing cities in Cambodia with the country’s only deep-water harbor.
“The launch of CAMHOMES today marks a major milestone for HLH Group and also for Singapore. This is the first Singapore-modeled public housing project to be built in Cambodia. As a Singapore homegrown company, we are much honored to be the first to take on such a project here. We see tremendous growth in Cambodia – especially with a young and vibrant population with rising disposable income.
“The demand for good quality housing is expected to surge and we are well-positioned to help more young Cambodians to become homeowners through our proven track record of building excellent public housing in Singapore. For a start, we will be developing mass-market housing in the more established and rapidly growing cities before expanding into the other provinces of Cambodia,” said Dato Dr Johnny Ong, HLH Group’s CEO and Deputy Chairman, who officiated the launch together with Cambodia’s Deputy Prime Minister – Samdech Kralahom Sar Kheng, who is also the current Minister of the Interior.
“This is also a very timely and auspicious occasion for us as this launch coincides with our SG50 celebrations as well as Singapore’s 50th anniversary of diplomatic relations with Cambodia,” added Dato Dr Ong.
D’Seaview, an Executive Condominium project, located near the popular and scenic Sokha Beach, will occupy a land area of 9818 sq. meters and have a total of 735 residential units, comprising 250 1-bedroom, 299 2-bedroom, 184 3-bedroom and 2 duplex units. Prices will start from USD 33,000 per unit onwards.
D’Seaview will also have commercial space for a range of retail services.
The freehold project is now open for potential buyers to apply for the units using a four-step process similar to the public housing application procedures practiced in Singapore.
CAMHOMES, will focus on developing quality and affordable housing catering mainly to young couples and young entrepreneurs. It will offer both full condominium and prime apartments in three key cities: Phnom Penh, Siem Reap and Sihanoukville before eventually fanning out to other provinces of Cambodia. The Group plans to develop a total of 5,000 prime apartments and executive condominiums units in these three key cities by the end of next year.
Construction, expected to begin by the year-end, will be completed in slightly more than two years.
According to Asia Development Bank, GDP growth in Cambodia, averaging 7.3% from 2010 to 2013, is expected to reach 7.5% in 2016. The real estate market in major cities like Phnom Penh, Siem Reap and Sihanoukville is expected to increase by 10% to 15% annually in the coming years, according to the report by international property consultancy company VPC Asia Pacific.
Dato Dr Johnny Ong said: “With these strong and positive trends, I am optimistic about prospects in Cambodia as the country continues to open doors to investors and businesses. Cambodia holds a lot of potential to grow further, and we want to grow with it.”