The Kith Meng-owned Royal Group on Thursday signed a joint venture agreement with Singaporean-based HLH Development Pte Ltd to construct a 12-storey commercial and residential building in the capital.
The 8,221sqm project is located in Boeung Kak II, Tuol Kork district. Construction is said to start in the next three months and be completed in early 2021.
Royal Group owns the land, while HLH Development Pte Ltd is responsible for selling the building once it is completed. The project value was not revealed.
Group chief financial officer for Royal Group, Hanna Mark, said this is the first time his company is partnering with HLH Development Pte Ltd, which had been developing the D’Seaview project in Preah Sihanouk province.
“The success of this project, together with their 30-year building experience in Singapore, is the reason Royal Group selected HLH Development Pte Ltd as a partner,” he said.
The real estate sector in Tuol Kork district is growing very fast. A study by Real Estate Co Ltd said land price in the area is about $2,500 per square metre.