HLH Group has become the first Singaporean company to develop public housing projects in Cambodia, with the launch of a residential development in the port city of Sihanoukville.
Called D’Seaview, the mixed-development project will occupy a land area of 9,818 square metres and have a total of 735 residential units. The seafront development will also have commercial space for a range of retail services.
HLH said construction is expected to begin by year-end, with completion expected in slightly more than two years.
In addition to D’Seaview, HLH plans to develop a total of 5,000 prime apartments and executive condominium-style units in three key Cambodian cities – Phnom Penh, Siem Reap and Sihanoukville – by the end of next year.
According to the Asia Development Bank, GDP growth in Cambodia averaged 7.3 per cent from 2010 to 2013 and is expected to reach 7.5 per cent in 2016.
Citing property consultancy company VPC Asia Pacific, HLH noted that the real estate markets in major cities like Phnom Penh, Siem Reap and Sihanoukville will likely see prices rise by 10 to 15 per cent annually in the coming years.
“Cambodia holds a lot of potential to grow further and we want to grow with it,” said HLH CEO and Deputy Chairman Johnny Ong.
HLH is a property investment and development firm, whose other businesses include the distribution of cassava and sugarcane for the food processing and animal feed milling industries.
Source : Channel NewsAsia – 28 Sep 2015