Royal Hong Lai Huat One Co. Ltd

Hong Lai Huat has delivered both of its Cambodia developments, which is a strong signal in a market where numerous projects have stalled or been abandoned. D'Seaview in Sihanoukville completed in 2020 after launching in 2015-2016, and Royal Platinum in Toul Kork completed in 2024 after breaking ground in May 2019. Royal Platinum's longer construction timeline reflects the scale of a twin-tower, 100,000 square metre development and the impact of the COVID-19 pandemic on construction schedules in Cambodia.

The company also brings extensive Singapore delivery experience through projects including D'Ecosia, D'Fresco, D'Castilia, D'Almira, D'Lithium and D'Centennial. The parent construction arm, Hong Lai Huat Construction Pte Ltd, held A1 and B2 grading with Singapore's Building and Construction Authority. This Singapore pedigree provided the technical backbone for Cambodia delivery.

The Royal Group partnership on Royal Platinum added crucial local connections and land access that supported delivery. However, no new Cambodia projects have been launched since Royal Platinum, and the company's pipeline relies on undeveloped land banks with no confirmed timeline.

Royal Platinum benefits from a full Singapore consultant team headed by Swan and Maclaren Architects, one of Singapore's oldest and most decorated architectural practices (established 1892). The development features swimming pools, gym facilities, gardens, a basketball court, and commercial shophouse units at ground level. Unit layouts range from studios to four-bedroom penthouses with city views.

D'Seaview was constructed by Yanjian Group (Cambodia), a subsidiary of the established Chinese construction firm Yanjian Group Co, under a US$36.8 million contract with a 40% parent company guarantee. The project includes a boutique hotel, commercial retail space and a range of residential unit types from one to three bedrooms.

Build quality is broadly consistent with mid-to-upper market expectations for Cambodia's condo sector. The Singapore developer heritage provides confidence on structural integrity and construction management, though these are not luxury-tier developments competing with the highest-end projects in the market.

Both D'Seaview and Royal Platinum are completed developments, meaning purchases are through the resale market. Original off-plan payment plans offered during the sales period are no longer available. D'Seaview originally offered Maybank financing of up to 70% for Cambodian buyers and 50% for foreign buyers.

Royal Platinum marketed studio units from around US$120,000 with developer discounts available during the launch period. Payment terms are now negotiated directly between buyer and seller. The completed status does eliminate construction risk, and buyers can inspect finished units before committing.

The absence of active developer-backed financing options limits the score, though this is standard for completed projects in the Cambodia market.

Royal Platinum in Toul Kork benefits from Phnom Penh's established rental demand. The district is increasingly popular with middle-class Cambodian families and expats, supported by proximity to international schools, TK Avenue shopping, hospitals and restaurants. Toul Kork typically delivers yields in the 4-6% range for well-managed condos, and the area continues to mature as a residential hub.

D'Seaview's rental outlook is significantly more challenging. Sihanoukville's rental market was severely impacted by the withdrawal of Chinese investment and the COVID-19 pandemic. Many developments in the area remain partially occupied or abandoned, and the oversupply of residential units relative to tenant demand puts downward pressure on rents. While government infrastructure projects including a new deep-sea port and airport expansion may support long-term recovery, the near-term rental environment for D'Seaview requires cautious expectations.

The blended score reflects strong Phnom Penh fundamentals dragged down by Sihanoukville market reality. Investors should assess each project independently based on location-specific conditions.

Hong Lai Huat's design approach centres on the mixed-use format, integrating residential, commercial and hospitality components within single developments. This is a deliberate strategy that provides income diversification and community infrastructure, particularly relevant for Cambodia's developing condo market.

Royal Platinum's appointment of Swan and Maclaren Architects (Singapore, established 1892) signals commitment to international design standards. The firm is responsible for numerous landmark buildings across Southeast Asia. The twin-tower design with indoor shopping street and comprehensive amenities represents a meaningful step up from standard Phnom Penh condo developments.

D'Seaview was positioned as Sihanoukville's first large-scale mixed-use development, incorporating an integrated hotel component. The concept was innovative for the location at the time of launch, though Sihanoukville's subsequent development trajectory has overtaken the novelty factor.

Both projects demonstrate competent design without pushing into the premium tier occupied by developers with branded residences or internationally acclaimed design collaborations. The strata title format across both developments adds flexibility for foreign buyers and investors.