31 July 2017
Announcements of Earnings
HLH Group Limited reported unaudited consolidated earnings results for the second quarter and half year ended June 30, 2017. For the quarter, revenue was SGD 1,757,000 against SGD 1,887,000 a year ago. Profit before taxation was SGD 1,366,000 against SGD 3,420,000 a year ago. Net profit attributable to owners of the parent was SGD 1,327,000 against SGD 3,468,000 a year ago. Net cash flows used in operating activities was SGD 2,565,000 against SGD 2,565,000 a year ago. Purchase of property, plant and equipment was SGD 247,000 against SGD 286,000 a year ago. Purchase of intangible assets was SGD 17,000. Basic and diluted earnings per share were 0.020 cents against 0.062 cents a year ago. The Group’s revenue increased primarily due to the revenue recognition of the D’Seaview mixed development. For the half year, revenue was SGD 7,242,000 against SGD 3,819,000 a year ago. Profit before taxation was SGD 5,457,000 against SGD 1,010,000 a year ago. Net profit attributable to owners of the parent was SGD 5,479,000 against SGD 1,093,000 a year ago. Net cash flows used in operating activities was SGD 5,221,000 against SGD 3,285,000 a year ago. Purchase of property, plant and equipment was SGD 250,000 against SGD 524,000 a year ago. Purchase of intangible assets was SGD 17,000. Basic and diluted earnings per share were 0.082 cents against 0.020 cents a year ago.
Source from Singapore Exchange – http://www.sgx.com
12 October 2016
HLH Group raises funds in private placement from Taiwan hedge fund Agricultura and property development firm HLH Group announced on Tuesday that it has entered into a conditional share subscription agreement with Taiwan-focused hedge fund Seven Voyagers Capital. This transaction will see HLH issue the hedge fund 250 million of its company’s shares for a sum of S$2.25 million at 0.9 cents per share, representing a discount of 10 per cent to HLH Group’s volume weighted average price of 1 cent per share as at Monday, 10 October 2016. This represents 3.9 per cent of HLH Group’s enlarged share capital
Source from deal street asia – http://www.dealstreetasia.com/stories/sg-dealbook-52-55251/
22 August 2016
HLH Group will be placing new shares with a new investor to raise S$3.6 million for general working capital purposes.
In an announcement on Monday evening, the agriculture and property firm said that it has entered into a share subscription with an individual named Goi Kok Neng to allot and issue to him 600 million new ordinary shares, or about 9.7 per cent of the enlarged issued share capital of the firm.
The issue price will be 0.6 Singapore cent, equivalent to the volume weighted average price for trades done on Aug 19.
Mr Goi is not a director or substantial shareholder of the company, according to the firm.
The proceeds will be used for general working capital, and pending their deployment, may be deposited with banks or invested in short-term money markets, added HLH Group.
Source from companies & markets – http://www.businesstimes.com.sg/companies-markets/hlh-group-placing-600m-new-shares-to-raise-s36m
23 August 2016
SINGAPORE (Aug 23): HLH Group is placing out new shares to an investor to raise $3.6 million for general working capital purposes.
In a filing on Monday evening, HLH said that it has entered into a share subscription with new investor Goi Kok Neng.
HLH will issue 600 million new shares, or 9.7% of its enlarged issued share capital, at 0.6 cent each, which was the closing price on Monday.
According to the agricultural and property firm, Goi is neither a director nor substantial shareholder of the company.
The proceeds will be used for general working capital, and pending their deployment, may be deposited with banks or invested in short-term money markets, says HLH.
Source from The Edge Markets – http://www.theedgemarkets.com.sg/sg/article/hlh-group-raises-36-mil-share-placement-individual-investor
21 July 2016
HLH Group, listed on the Singapore Exchange mainboard, on Thursday said it has awarded a construction project in Sihanoukville, Cambodia, to Yanjian Group (Cambodia) Co Ltd for about US$36.8 million.
Yanjian Group (Cambodia) Co Ltd is a subsidiary of Yanjian Group Co Ltd.
The D’Seaview project is situated in the heart of Sihanoukville, Cambodia’s third largest province, and is a mixed-use development comprising 737 residential units with about 14,000 square metres of commercial space.
The commercial units of D’Seaview, which includes a mixture of commercial spaces, retail spaces, commercial buildings and a hotel, are scheduled to be completed in Q4 2017. The residential units are expected to be completed by 2018.
As per the signed contract, the parent company, Yanjian Group Co, will provide a 40 per cent guarantee on the construction amount to assure the successful completion of the construction.
Source from companies & markets – http://www.businesstimes.com.sg/companies-markets/hlh-group-awards-construction-project-in-cambodia-for-us368m
21 July 2016
AGRICULTURE and property firm HLH Group has sold more than 51 per cent of the residential units of its first real estate project in Cambodia.
D’Seaview, a mixed-use development of 737 residential units in the coastal town of Sihanoukville, saw “strong demand”, mainboard-listed HLH said on Thursday.
The commercial space and the balance 49 per cent of its residential units, which are still up for sale, have an estimated market value of US$88 million, HLH added.
The commercial space includes a 10-storey, 98-room boutique hotel, along with retail spaces.
The hotel is scheduled to be completed in the fourth quarter of 2017, while the residential units for D’Seaview are expected to be completed by 2018.
Said HLH chief executive Johnny Ong: “Sihanoukville’s tourism growth has been on a rapid rise in recent years … this is a highly opportunistic time to leverage on Sihanoukville’s booming growth by expanding and growing our businesses.”
Construction works were awarded to the Cambodian subsidiary of Chinese construction and engineering firm Yanjian Group for US$36.8 million, HLH said.
The D’Seaview project is “not expected to have any material impact” on the financial performance of the firm for the financial year ending Dec 31, 2016, it added.
The counter closed unchanged at 0.6 Singapore cent on Thursday.
Source from companies & markets – http://www.businesstimes.com.sg/companies-markets/hlh-group-sells-over-51-of-residential-units-of-cambodian-project
5 March 2016
HLH Group has clarified that erroneous information was posted on the SGX StockFacts portal in February which claimed that the group has cancelled its acquisition of a land parcel in Cambodia.
“Shareholders are to note that the statements made in the erroneous announcements are incorrect as the land is currently marketed as the development site for D’Seaview, a project recently launched by the company,” said HLH. “The announcements were subsequently removed from the portal at the request of the company, and SGX has apologised for the error made.”
HLH previously announced that it was acquiring the 9,818 sq m parcel in Sihanoukville, Cambodia which will be the site of a freehold residential project.
It broke ground on the site in January this year.
19 April 2016
SINGAPORE (April 19): HLH Group has upgraded its existing 24,710.5-acre farm in Kampong Speu Province, Cambodia into a full-scale agriculture park.
The agriculture park covers the cultivation and processing of cassava, also known as tapioca, into cassava chips or cassava starch.
HLH says it completed the construction of a new cassava starch production factory at the agriculture park last week. The first starch production line was completed in early April.
The company will produce 120 tonnes of cassava starch daily starting this week, which will be mainly exported.
HLH plans to add two more production lines next year, raising its daily starch production capacity to 600 tonnes.
Shares of HLH ended flat at 0.7 cent.
Source from theedgeproperty.com.sg – http://www.theedgemarkets.com/sg/article/hlh-group-upgrades-cambodia-farm-agriculture-park
19 March 2016
437 units of D’Seaview in Sihanoukville have been released for sale.
Singapore-listed HLH Group has launched phase two of its maiden mixed-use development in Cambodia, after the first phase was sold out.
A total of 437 units were released in the latest phase of the D’Seaview project in Sihanoukville, with one- to three-bedroom units on offer.
The waterfront development was first launched in September 2015. All 300 apartments released under phase one were snapped up by local and international buyers, with prices ranging from US$675 psm (S$922 psm) to US$1,943 psm (S$2,653 psm).
“The strong response to our project reflects the pent-up demand for good quality affordable housing in Cambodia. Given the country’s positive GDP growth of about six percent to seven percent annually, the Cambodian economy remains vibrant and attractive to both local and foreign investors,” said HLH Group CEO Dato Dr Johnny Ong.
“In view of this and the rising tourist numbers in Sihanoukville as well as the increasing disposable incomes of consumers in Cambodia, our plans for more developments will add greater vibrancy and activities to the area,” he added.
D’Seaview is a mixed-use development located near the popular Sokha Beach in Sihanoukville, which is expected to become Cambodia’s next hotspot, not only for property investments, but also for tourism. Aside from its potential as a major cruise ship destination, there are also more flights landing at the city’s international airport.
Piling work is currently underway and is expected to be completed by June this year. The apartments are being marketed under the CAMHOMES brand of HLH, which is targeting the mass market.
Looking ahead, the group plans to build more residential projects in other locations, including the capital Phnom Penh.
Source from SG News Yahoo – https://sg.news.yahoo.com/hlh-launches-phase-two-cambodian-project-230003096–sector.html
17 March 2016
HLH Group has launched Phase 2 of its maiden property development in Cambodia following the full subscription of its apartment units in Phase 1.
Some 437 residential units ranging from one-bedroom to three-bedroom options are available for booking at the waterfront D’Seaview development in the port city of Sihanoukville, after 300 units under Phase 1 were fully subscribed by both local and international buyers.
Piling is underway for the D’Seaview project and it is scheduled for completion in June 2016.
D’Seaview was first launched in September 2015. The units under Phase 1 of D’Seaview were transacted at prices ranging from US$675 to US$1943 per square metre (psm). The mixed development is located near Sokha Beach in Sihanoukville.
HLH says it plans to launch more developments in other provinces and cities in the country, including Sihanoukville and the Cambodian capital of Phnom Penh this year.
Source from theedgeproperty.com.sg – http://www.theedgeproperty.com.sg/content/hlh-group-launch-phase-2-mixed-cambodian-development
18 January 2016
After unveiling a special commemorative backdrop, HLH Group launched the ground-breaking ceremony of D’Seaview, the company’s first freehold mixed development project in Sihanoukville, Cambodia, on January 16, 2016. The ground-breaking ceremony held at the 9,818-square-metre site in Sihanoukville, also saw about 200 guests from Cambodia & Singapore in attendance for the milestone event for the HLH group. The freehold site located near the popular and scenic Sokha Beach, is the first residential development by the HLH Group in Cambodia. The seafront development, which will have a mix of residential and commercial units, has proved to be a hit with buyers. Since its sales launch in October 2015, over 80% of the 300 units in Phase 1 of the development have been successfully subscribed by both local and international buyers at prices ranging from USD 675 to USD 1,943 per square metre. Marketed under the Group’s proprietary “CAMHOMES” brand name, the units range from one-bedroom and two-bedroom units to three-bedroom and duplex units. Construction of the D’Seaview project is slated for completion in an estimated 30 months’ time.
Source: Singapore Stock Exchange (Business Expansions)
01 October 2015
While Cambodia’s property market has largely focused on developing high-end luxury residential units to cater to wealthy local and foreign investors, Singapore-based HLH Group aims to tap into the emerging middle class market through Camhomes, the brand name of the property arm of Public Housing Development (Cambodia).
Dr Dato Johnny Ong (Centre), CEO.of HLH Group outside of Canadia Tower after the official launch of Camhomes HLH Group, which owns and runs around 10,000 hectares of cassava and sugarcane plantations and has primarily made its mark in the Kingdom through agriculture, officially unveiled Camhomes this past Saturday at Canadia Tower.
Speaking at the event, Dr John Chen, a director on the board of HLH group, said that while Cambodia’s housing sector remains strong with increasing demand, “prices are also high, and ordinary Cambodians can find themselves hard to keep up.”
“At Camhomes, we believe everyone deserves the chance to own their own home, and we want to give more Cambodian people the opportunity to take their first steps up the property ladder,” he said.
Deputy Prime Minister Sar Kheng presided over the launch of the new showroom and hailed Camhomes as a step in the right direction to home ownership.
“[In the] Cambodia context, supply of contemporary housing to accommodate growing middle income populations is still one of the major developmental challenges facing the Royal Government of Cambodia to help them own an appropriate home,” he said.
He added that Camhomes is in line with the National Public Housing policy currently in the process of development by the Ministry of Land Management, Urban Planning and Construction—a plan which he expects to see the results of in the next few years.
He noted that while the construction and property sector has substantially relied on the private sector for investment projects, the government has been actively promoting an investment climate conducive to the growth of the market.
Camhomes first housing development, D’Seaview, will be built near the coastal shore of Sihanoukville, minutes away from Sokha Beach. It was announced last February on the Singapore Stock Exchange that HLH acquired the 9,818 square metre plot for $1.7 million. Shortly after, in April, HLH incorporated the wholly-owned Cambodian subsidiary Public Housing Development.
“Like all cities in Cambodia, Sihanoukville is enjoying rapid growth and development in both tourism and in other sectors like the port and the Special Economic Zone. Sihanoukville is one of the region’s premier resort towns, and we see that continuing to the future which is why we’re so excited about D’Seaview,” said Dr Dato Johnny Ong, CEO of HLH Group.
With apartments starting at $675 per square metre, Ong said that investment can start at $33,000. The project offers one-bedroom, two-bedroom and three-bedroom units, as well as two-floored duplex suites.
Ong said that during the first day of the launch, approximately 30 per cent of the units were sold.
“We are still processing around 800 registrants in the queue for their applications. We believe the numbers will increase after we are done with the process,” he added.
By focusing on Cambodian buyers, Ong said that units can be subsidized up to 50 per cent and that payments start at $189 a month.
D’Seaview is the first of many developments Camhomes will undertake in the coming years, including projects in Phnom Penh.
“At Camhomes, our vision is of a country where owning a home is a realistic option for all Cambodians and where everyone has a stake in the Kingdom’s continued development,” said Chen.
Source from The Phnom Penh Post – http://www.phnompenhpost.com/real-estate/hlh-group-targets-middle-class-through-camhomes
26 September 2015
While Cambodia’s property market has largely focused on developing high-end luxury residential units to cater to wealthy local and foreign investors, Singapore-based HLH Group aims to tap into the emerging middle class market through Camhomes, the brand name of the property arm of Public Housing Development (Cambodia).
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.”
26 September 2015
SINGAPORE – The Cambodian real estate market will soon see a Singapore-style residential development added to its mix, with a Singaporean developer launching the first such project in the port city of Sihanoukville today (Sept 26).
The 735-unit D’Seaview, by HLH Group, targets young Cambodians who demand “good quality” mass market homes. The 735-unit D’Seaview, by HLH Group, targets young Cambodians who demand “good quality” mass market homes. Prices will start at US$33,000 per unit and interested buyers are required to go through a registration process similar to Singapore’s public housing application procedures.
D’Seaview, a freehold mixed development with a commercial component, is the first project under HLH Group’s CAMHOMES brand. Under the brand, the company will build condominiums and prime apartments in Phnom Penh, Siem Reap and Sihanoukville as a start before venturing to other Cambodian provinces.
“We see tremendous growth in Cambodia – especially with a young and vibrant population with rising disposable income,” said Dato Dr Johnny Ong, HLH Group’s CEO and Deputy Chairman, who officiated the launch with Mr Samdech Kralahom Sar Kheng, Cambodia’s Deputy Prime Minister and Minister of the Interior.
Dato Dr Ong added that demand for mass market homes in Cambodia is estimated to be more than 1 million in the next few years, which should ensure a “strong pipeline” of projects for the company. That is also one of the reasons why HLH is focusing its efforts in Cambodia for now, besides its home market Singapore.
Besides real estate, HLH has also expanded its presence in the agriculture sector in Cambodia by investing in a cassava starch production facility. The facility has the capacity to produce up to 120 tons of cassava starch daily, which will be exported.
“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,” said Dato Dr Ong, citing Asia Development Bank’s data that showed Cambodia’s growth is expected to 7.5 per cent in 2016.
Source from todayonline.com – http://www.todayonline.com/business/hlh-group-launches-singapore-style-development-cambodia
25 September 2015
SGX mainboard listed HLH Group is launching its first Singapore-style public housing project in Cambodia under its own brand, Camhomes. The project, called D’Seaview, is located in Sihanouville, one of the fastest growing cities in Cambodia, according to HLH.
Picture of D’Seaview by HLH Group D’Seaview is a 735-unit freehold executive condominium (EC) project located on a 105,680 sq ft near the scenic Sokha Beach. Of the 735 units, 250 are one-bedroom, 299 two-bedroom, 184 three-bedroom apartments and two duplex units. Unit prices start from US$33,000 (S$42,740) for a one-bedroom unit. Within D’Seaview are also some retail spaces. The project is now open for application with a four-step process similar to the public housing application procedures practiced in Singapore. Construction of the project is expected to start by end of this year and is scheduled for completion in over two years.
In addition to Sihanoukville, HLH also intends to launch EC and prime apartment projects in major cities like Phnom Penh and Siem Reap. The group aims to develop a total of 5,000 prime apartments and EC units in these three cities by end 2016.
Source from theedgeproperty.com.sg – http://www.theedgeproperty.com.sg/content/hlh-launches-first-public-housing-project-cambodia
The property sector is among the hottest in the Cambodian economy at the moment – with new developments seeming to come on line every week. One developer with a difference is Public Housing Development (Cambodia) Ltd., whose Camhomes brand is targeting a previously untapped market in the Kingdom’s property boom – the country’s growing middle-class.
Post Plus caught up with Dr. Dato Johnny Ong, CEO and Chairman of HLH Group Ltd., to learn more.
A lot of people are keen to hear more about the Camhomes project – is there any news on this?
Some news that I am very happy to share is that we will be officially launching our company, Public Housing Development (Cambodia) Limited and the Camhomes brand, with an opening ceremony at our new sales office in Canadia Tower on September 26th. We have invited members of the Royal Government of Cambodia and other important players in the Cambodian property development sector to attend, and we look forward to their strong support.
Although we are already up and running as a company, and making great progress to deliver on our vision of providing quality, affordable housing for Cambodia’s middle-class, its always an honor to be able to unveil our company and our brand with a celebration.
You say your company is up and running, but I haven’t seen many details of your projects although I have heard about a new system you are using for selling your housing units. Can you elaborate on that a bit?
All the details of our projects – locations, floor plans, 3D images and models of the planned buildings will be revealed on September 26th. Everyone is invited to visit our sales office from 11am on that day to see for themselves what Camhomes will deliver.
They can also then sign up for our unique queue number system – which hasn’t been seen in Cambodia before, although it is common and very successful in our home country of Singapore.
Under the Camhomes system, everyone, Cambodian or foreigner, is allowed to register for a queue number that will give them an opportunity to own a home in one of our upcoming developments around Cambodia. They just need a valid ID or passport and the registration fee is $20, which is very reasonable when you think that the holders of the first 1000 queue numbers will be entered in to a lucky draw with some exciting and attractive prizes to be won.
Also, we think there will be a big demand for the queue numbers, which establish the order in which registered buyers will choose their homes in our new developments. We have set up a transfer system where a queue number holder can transfer his or her queue numbers to someone else. There is a transfer fee payable to Camhomes but the queue number holder is perfectly entitled to transfer his or her number to someone who is looking to join the queue in a hassle-free way. So if you hold a lower number in the queue that will put you in an advantageous position, as it will give you the chance to pick a higher floor in the new development with grand views over the ocean or the city, we think there will be a lot of interest in getting on this list.
What happens next after someone has the queue number in hand?
First of all, we will invite everyone who has registered with a queue number to meet with a Camhomes representative to discuss their financial needs and whether they are cash buyers or whether they can take advantage of some of our exciting financing options.
Once we have finished those formalities, we then invite the buyer to choose one of our spectacular units in either a Prime Apartment, a beautifully built development with communal gardens, children’s playgrounds and 24-hour security, or even one of our Executive Condominiums, which have additional lifestyle amenities like swimming pools and gyms.
The buyer will then have up to 60 days to sign a Sales and Purchase Agreement.
During this 60-day period, buyers can still transfer or assign their chosen apartment to another interested buyer who might have missed the queue system or be looking to get ahead of the long queue.
Thereafter, the buyer can relax in the knowledge that their new apartment is being built to the highest standards and quality and that they will soon be able to move in to their new Camhome once construction is completed.
In terms of pricing, we are still working on the exact numbers, but we are delighted to inform Cambodians that Public Housing Development (Cambodia) Ltd will be subsidising part of their purchase price. The price will be very competitive and will enable a new generation of Cambodians to enjoy the benefits of home ownership including capital appreciation, the opportunity to earn rental income and, of course, the pleasure of owning a modern and well-built home.
There will also be further lucky draw prizes for those who are purchasing a Camhomes property – where we will be happy to reward their choice with a range of exciting prizes for their new home.
The Straits Times in Singapore reported recently that your first project would be in Sihanoukville, called D’Seaview, and would have around 1000 units. Where else are you looking to build?
We are looking at all the key cities in Cambodia and our next two projects are already in the pipeline. We are in Cambodia for the long haul, so look out for news of our latest developments as they come on line.
Source from The Phnom Penh Post – http://www.phnompenhpost.com/real-estate/camhomes-launch-heralds-new-era-affordable-property-development-cambodia
20 August 2015
The property developer of boutique private condominiums such as D’Ecosia at the corner of Still Road South and Marine Parade Road, D’Fresco and D’Castilia on Joo Chiat Lane as well as D’Almira in Potong Pasir has now exported his D’ series of homes to Cambodia. The maiden project in Cambodia will be called D’Seaview, says Johnny Ong, executive deputy chairman and CEO of HLH Group, “because every unit has a sea view”.
D’Seaview is positioned as “a five star public executive condo project” in Cambodia. The mixed-use development contains about 1,000 apartments and strata retail units that will house a minimart, food court, restaurants and other amenities for residents. The development is located on a freehold land parcel in Sihanoukville, just behind Independence Beach and within walking distance of Sokha Beach Resort. The site was purchased in April by a subsidiary of the company, PHD (One) Development Ltd.
The Singapore-listed HLH Group launched its Public Housing Development (Cambodia) Ltd arm this year, and has rolled out its “Camhomes” brand of public housing. “We are the first to offer public housing in Cambodia,” says the 46-year-old Ong. He has set up a Camhomes sales centre, where his projects will be sold in a similar way to HDB’s Built-to-Order scheme, which is by application.
Targeting first-home buyers
Ong has two different types of housing within Camhomes: executive condos, like the hybrid public-private housing in Singapore, which come with full condo facilities and are targeted at the middle class; and “prime apartments”, similar to HDB’s Design, Build and Sell Scheme, where public housing flats are developed by private developers, with limited facilities such as a garden and playground, but with security features.
Camhomes’ target audience are young couples and entrepreneurs with a monthly household income of US$500 ($682) to US$2,000. Such buyers will be able to get up to 70% bank financing for their residential property purchases, with a maximum loan tenure of 25 years and age limit capped at 65 years. However, bank interest rates in Cambodia are relatively high at the moment. “They are in the 8%-to-8.5% range,” Ong says.
Listed companies from Singapore such as Oxley Holdings and Teho International are focusing on mixed-use developments comprising high-end, or luxury, apartments in the capital city of Phnom Penh. In this housing segment, the majority of the buyers are foreigners, including Singaporean investors.
HLH Group, on the other hand, is targeting the mass market, which comprises mainly locals buying their first home. Ong believes there is a shortage of 1.1 million homes in the mass-market segment in the key cities, to which young people are flocking for education or job opportunities. The company’s initial focus will therefore be on Phnom Penh, Siem Reap and Sihanoukville, before it expands to provinces across Cambodia.
“Our role at Camhomes is to build homes for the Cambodian people, but we don’t want to encourage speculation,” explains Ong. “We will allow only one unit per ID cardholder.”
Having lived and worked in the country since 2008, Ong believes he has a good understanding of what local Cambodian homebuyers aspire to own. “For the past seven years, every Monday to Friday, I am in Cambodia,” he says. On weekends, he returns to Singapore to see his family.
His two older sons joined HLH Group recently, and they now travel with Ong to Cambodia at least once a month. Ong’s elder son, Ryan, 22, is group general manager of the company, while his younger son, Dylan, 21, is business development executive officer and handles sales and marketing as well as the group’s overall branding exercise.
From contractor to developer to farm resort player
HLH Group is not new to construction and property development. Ong founded the company in 1988, and for the next decade, it focused on the construction of public-sector projects in Singapore such as public housing townships in Punggol and Sengkang, the upgrading of older HDB estates in Bukit Panjang, Choa Chu Kang and Marsiling, as well as the construction of schools and community centres. Listed on the Singapore Exchange as Hong Lai Huat Group in 2000, the company was renamed PDC Corp Ltd in 2002 and assumed its current name in June 2007.
It was only in 2001 that the group ventured into private property development in Singapore, with its maiden project being D’Ecosia, a 73-unit freehold condo that was fully sold and completed in 2003. Since then, the company has developed a handful of private condo projects, the latest being D’Castilia, a 28-unit apartment block, which was launched in 2010, fully sold and completed in 2012. HLH Group also developed D’Lithium, a commercial building on Upper Paya Lebar Road, and D’Centennial, an industrial building on Geylang Lorong 23, both of which are also fully sold and completed. The group’s property developments in Singapore may have been small, but “they have all made money”, says Ong.
In September 2008, the company opened D’Kranji Farm Resort, the first agritainment centre of its kind in Singapore. The development is located on 5ha of land in Lim Chu Kang in the northwestern part of Singapore, that was purchased from URA on a 20-year lease. In 2012, the resort underwent upgrading works, which saw the addition of 14 villas, of which five came with Jacuzzi and steam bath. Currently, there are 35 villas in the resort.
While the resort runs full most weekends, it is still relatively quiet on weekdays, according to Ong. “We want to do more corporate events on weekdays,” he says. Since the upgrading at the resort, HLH Group has added new attractions such as a Birdnest Museum. New F&B outlets are also in the pipeline. In addition to the existing seafood and Chinese restaurants, Ong is thinking of introducing Japanese as well as Western dining concepts to give guests a wider selection of F&B choices.
Last month, D’Kranji Resort was put up for sale by tender that closed on June 19. While there were offers, none of them came close to the group’s asking price, and the tender was therefore withdrawn. There are still 12 years of the lease left, and Ong intends to continue operating the farm resort. “As it is now a mature farm, business is much better than it was five years ago. And it’s turning a profit. When people start to understand and appreciate our business, they will be willing to pay our asking price,” he says.
D’Kranji wasn’t just a foray into farming. When the farm resort opened in 2008, the group had already made plans to make the leap into farming overseas. Since then, HLH Group has cultivated more than 10,000ha of farmland in Cambodia under its subsidiary, HLH Agriculture (Cambodia) Ltd. The farms are fully operational and specialise in the cultivation of cassava and sugar cane. A few months ago, the company set up a cassava starch production factory that has a production capacity of 120 tonnes a day. A second production line is planned for the production of modified cassava starch, which is used in food products such as three-in-one instant coffee, soft drinks and other beverages, as well as medicinal alcohol.
The agriculture business has been yielding a steady profit since last year, says Ong. He attributes this to a cooperative agreement inked with Chinese company Zhong Fu International Investment (Cambodia) at end-2013 to cultivate, process and produce cassava at HLH Group’s farmland. As part of the agreement, Zhong Fu will pay HLH Agriculture US$3 million for each of the first two years, US$4 million for the next three years, and US$4 million a year for the following five years.
In FY2014 ended Dec 31, HLH Group achieved a gross profit of $3.65 million compared with a loss of $1.56 million for FY2013. Its recognition of operating income of $3.23 million was almost entirely due to the contribution from Zhong Fu.
“When we first went to Cambodia, it was quite tough, as it was an undeveloped country and we were one of the first listed companies from Singapore to enter the country,” Ong recounts. “Many of our shareholders were worried because it was considered a high-risk country. We have worked very hard and now they can see that the agriculture business has stabilised.”
Ong intends to adopt the twopronged strategy of agriculture and property development in Cambodia. In his property development business, he aims to launch a total of 3,000 public housing units this year and 5,000 units next year. He intends to ramp up his launch of units to 10,000 a year.
Ong says his focus is on Cambodia, and he has no intention of going back to property development in Singapore for now. His last residential development in the city-state was D’Castilia, which was launched launched five years ago. He feels that property prices in Singapore are still too high. “We are waiting for a good time to re-enter the market,” he says.
Source from TheEdgeProperty.com.sg – http://www.theedgeproperty.com.sg/content/hlh-group-adopts-two-pronged-strategy-farming-and-public-housing
21 July 2015
Public Housing Development (Cambodia) Ltd is preparing to shake up the Cambodian real estate market with CAMHOMES by introducing an innovative queue system that could revolutionize home buying in the Kingdom.
With only a few weeks to go until the company’s Phnom Penh sales office opens for business, the company has given potential applicants a first look at the queueing process that Camhomes believes will help more Cambodians achieve their dream of home ownership.
Camhomes’ launch will mark the first time that the queue concept, which was inspired by Singapore’s phenomenally successful public housing system, has been used in Cambodia.
Under the ground-breaking system, applicants will be asked to complete a simple four-step process:
Step 1: Join the Queue
Camhomes will invite prospective applicants to visit their soon-to-be-unveiled sales office in Phnom Penh. There, they will be given a queue number and an application form, which they will fill out and return to the sales office within a given time period. This will put them in line to be one of the first to own a Camhomes property.
Step 2: The Approval Process
Camhomes will carry out interviews and provide advice to help recommend the best type of property to suit each applicant according to their needs and budget, before submitting the application to the banks for housing loan eligibility.
Step 3: Interview and Consolidation
Camhomes will invite successful applicants back to the sales office on a ‘first-come, first-served’ basis based on their queue number and allow them to choose between the many different housing solutions on offer at developments in Sihanoukville, Phnom Penh and other major Cambodian cities.
Step 4: Moving In
With the process completed, applicants can relax in the knowledge that they have secured a Camhomes property. They will be able to watch with anticipation as their new home takes shape, until the exciting day when the development is completed and they can finally realize their dream of home ownership.
Similar systems have been in place in Singapore since the 1960s, and have proven remarkably popular with buyers and developers alike.
“The [Singapore] system…is the most appropriate system for the moment, balancing the need for fairness, prudence, and efficiency [while]…supplying enough flats, of good quality and at affordable prices, as quickly as possible to home buyers,” Mah Bow Tan, former Singaporean Minister for National Development, wrote in an editorial on housing supply in Singapore.
Excitement is already building over the prospect of purchasing a house using the new system.
“I think it’s a really fair way to allocate the properties. This will help encourage more people to buy their own home,” said Sim Sophea, 23, who recently married and is looking for a home for her new family.
The company believes the queue system will give everyone in Cambodia the chance to realise their dream of home ownership with an affordable Camhomes property.
Source from The Phnom Penh Post – http://m.phnompenhpost.com/real-estate/camhomes-brings-singapore-style-queue-system-cambodia
21 July 2015
Singapore-listed HLH Group Limited is making its property debut in the Cambodian market after the success of its agri-investment division in the country.
The property developer and agricultural firm recently launched CAMHOMES, a new brand that will focus on providing high quality and affordable homes in Cambodia, which is experiencing strong demand for housing as the economy continues to grow.
HLH has an extensive record of building public housing blocks in Singapore, and will focus on projects that are modelled after the Build-to-Order (BTO) sales policy – where prospective buyers register their interest in advance.
Its first project will be a freehold mixed development in the coastal city of Sihanoukville, comprising an executive condominium and commercial units that is set to launch in the second half of 2015.
The group will initially work on residential projects in the cities of Phnom Penh, Siem Reap and Sihanoukville before moving into other commercial and industrial projects and in other provinces when demand arises.
“We see enormous growth potential for emerging countries such as Cambodia, which has a very large, young, vibrant and upwardly-mobile population. We are therefore keen to focus on developing quality housing for middle-income Cambodian families,” said Dato Johnny Ong, HLH’s Deputy Chairman and CEO.
This is HLH’s first step towards the expansion of its property development efforts in the region.
Source from The Business Times – http://www.propertyguru.com.sg/property-management-news/2015/7/102092/hlh-to-foray-into-cambodian-property
20 July 2015
MAINBOARD-LISTED HLH Group’s wholly owned subsidiary, HLH Agriculture (Cambodia) Co, has inked an agreement with Tidecom Technology Co, a China-based manufacturer of specialist equipment for food and agriculture products, to buy US$2.23 million worth of equipment to process cassava starch in Cambodia.
The equipment will be used to set up a new production line to produce up to 120 tonnes of cassava starch per day for the export market.
“The setting up of the cassava production line is part of our overall strategy to extend our agricultural production chain from farming to harvesting and processing,” said HLH Group deputy chairman and chief executive Johnny Ong in a statement.
“This will help us open new revenue streams. We believe that there is a ready market for high-quality cassava flour for both domestic and industrial uses,” he said, adding that the firm expects to recoup its investment in less than five years.
The production line, to be located in HLH’s plantation in Cambodia, is scheduled to be operational by the next quarter.
HLH’s current joint-operation partner, Zhong Fu International Investment (Cambodia), will operate the new production line.
Source from The Business Times – http://www.businesstimes.com.sg/companies-markets/hlh-buys-us22m-equipment-to-set-up-new-cassava-starch-production-line
26 June 2015
Shortly after announcing its entry into the Cambodian market, property developer Camhomes set prospective home-buyers buzzing by releasing the first details of the company’s plan to bring high-quality, affordable housing to the Kingdom.
Part of the Public Housing Development (Cambodia) Ltd. under the HLH Group, Camhomes will focus on providing homes for the middle-income market.
This week, the company offered a tantalising glimpse of the kind of high-quality developments they intend to build at sites in Phnom Penh, Sihanoukville and other Cambodian cities.
Camhomes buyers will be able to choose between two different styles of housing – Prime Apartment and Executive Condominium.
Prime Apartments represent the standard of comfort that Camhomes intend to offer.
They will feature a garden and children’s playground, as well as security benefits like security guards, car parking and linkways connecting each housing block.
Executive Condominium are designed for buyers who want to get a little more out of their home.
While both types of development will be designed and built to the same high standard of quality, Executive Condominium will have additional amenities like swimming pools and gyms that residents can take advantage of.
The level of facilities on offer has sparked a wave of interest from local buyers.
“I’d love to have a garden. The weather here is so nice, it would be great to have some outside space to relax in,” said Hak Chansy, an education and training manager from Phnom Penh.
“My children would love the play park and the swimming pool.
They could play there while staying safe at home, and I wouldn’t have to worry about them,” said mother-of-two Song Chhorvy.
“Both types of housing will provide the kind of high-quality, affordable housing and top-class facilities that will help Cambodian families achieve their dream of owning a home,” said Dato Dr Johnny Ong, founder and CEO of Public Housing Development (Cambodia) Ltd.
Camhomes also unveiled the company facebook page this week.
By establishing an online presence, the company hopes to reach out to potential customers and provide information on upcoming projects.
“What we’re doing here – providing affordable housing for the middle-income market is new, and has never been done in Cambodia before.
So it’s important for us to reach out to people and make them aware,” said Dato Dr Johnny Ong.
Dr Ong also emphasized the benefits of buying a home over simply renting one.
Despite the bigger initial outlay, studies have found that those who buy pay significantly less in the long term.
In addition, buying a house is an investment and can be an important way of saving money for the future.
A 2013 survey by the Guardian newspaper found that more than 50 per cent of respondents in the UK planned to sell their home when they stopped working and use the money to fund their retirement.
“When you rent a house, you are essentially just giving money away.
By owning a property, that money becomes an asset that you can use in the future,” said Dato Dr Johnny Ong.
Potential buyers who are interested in finding out more about Camhomes’ exciting developments can stay up-to-date on the latest news by liking the company on facebook.
Source from The Phnom Penh Post – http://www.phnompenhpost.com/post-plus/excitement-home-buyers-camhomes-reveals-details-developments
01 October 2015
Phnom Penh, 18 June – Leading Singaporean developer HLH Group Ltd announced its entry into the Cambodian property market today with the launch of CAMHOMES, a property development firm that will provide high-quality, affordable homes in premium locations across the country.
The Camhomes brand is owned by Public Housing Development (Cambodia) Ltd, which is part of the HLH Group Ltd. The group has been building homes in Singapore since 1988, and listed on the Singapore Stock Exchange in 2000. HLH has completed a number of major residential, commercial and industrial developments in the island city-state, including numerous public housing units.
Cambodia’s property sector is booming and new buildings are springing up all over the country. However, most existing developments focus on the high-end, luxury market with very little on offer for middle-income buyers. As a result, many young Cambodians are finding it difficult to take their first steps on the property ladder.
With a focus on developing quality housing for the middle-income market, Camhomes will offer Cambodian families the chance to get involved and own a home at one of their upcoming developments in Phnom Penh, Sihanoukville and in other major cities.
The developments are modelled on Singapore’s public housing system and will utilize the ‘Build-to-Order’ sales policy, where prospective buyers register their interest in advance. This means properties do not lie empty after they are built. In Singapore, official statistics show that more than 80 percent of residents live in apartments of this type.
“We want to offer quality, affordable housing for young Cambodian professionals and families with big dreams and a mid-range income,” said Dato Dr Johnny Ong, founder and CEO of HLH Group.
Camhomes are looking to make it easier for young, professional families to achieve their dream of owning a home through a range of attractive financing options.
“We’ve been building these type of homes for Singaporean families for over 25 years. We hope that this model will work well in the Cambodian market and will help young Cambodians realise their dreams of home ownership,” said Dato Dr Johnny Ong.
Source from The Phnom Penh Post – http://www.phnompenhpost.com/real-estate/singapore-developer-launches-camhomes-offer-quality-affordable-housing-cambodia
27 May 2015
The government has begun construction on a second Institute of Technology on a 200-hectare campus in Kompong Speu province as part of its effort to better meet the country’s growing demand for workers with engineering and technical skills, the Education Ministry spokesman said Tuesday.
According to a sub-decree signed by Prime Minister Hun Sen on May 20, the institute in Thpong district will offer bachelor and associate degrees in 11 departments including mechanical engineering, electronics, e-commerce, computer science and tourism.
Education Ministry spokesman Ros Salis said five countries have offered financial support to construct the new institute, with most of the funding coming from Thailand and South Korea.
“Kompong Speu has vast land [and] a lot of agriculture, industry, factories and a national road that connects it to economic zones like Koh Kong, Takeo and Kandal,” Mr. Salin said. “After students finish studying in the institute, their skill sets will allow them to find work close to them.”
The Education Ministry has put a freeze on the registration of new universities—with the exception of institutions focusing on agriculture, technology and the sciences—in an attempt to encourage more students to pursue degrees outside of business and finance.
“Most private universities in Cambodia do not offer engineering or mechanical careers,” Mr. Salin said. “So that is why we need to build public institutions with technology.”
“From now until 2020, we will integrate with Asean and a lot of industries will enter Cambodia,” he added. “We need to offer Cambodians skills so they can get jobs.”
Kompong Speu governor Ou Sam An said the new Institute of Technology would help youth in the area to take advantage of expanding employment opportunities.
“I think it’s good idea to have the institute here because Chinese and Korean factories and industries have been built here. They need people with skills to work,” he said.
“Here is like a special economic zone, so workers need real skills as mechanics or electricians.”
Source from The Cambodia Daily – https://www.cambodiadaily.com/news/govt-building-tech-institute-in-kompong-speu-84429/
23 February 2015
HLH Group Limited announced that it has signed an Sales and Purchase agreement with Chhin Chanpor and Chan Phaly to acquire a plot of land in Kingdom of Cambodia.
The Land is a freehold land with the total land size of approximately 9,818 square metre, located at Phum 1, Sangkat No 3, Khan Mitapheap, Preah Sihanouk Province, Kingdom of Cambodia, is for the proposed development of public executive apartment and shop houses. The land is directly behind independence beach and facing the sea and walking distance to Soka Beach resort. The sales and purchase agreement will complete within 30 days from the date of signing agreement.
Residents of Preah Sihanouk province will now have the opportunity to invest in a new executive condominium project being developed by HLH Group Ltd, along the province’s Independence Beach. The Singapore-based property development company has purchased the 9,818-square-metre plot from Chinn Chanpor, former Military Police chief for Phnom Penh, and another individual named Chan Phaly. HLH plans to use the well-located land to develop an executive condominium for “young couples and entrepreneurs”.
“The land is directly behind Independence Beach, facing the sea and walking distance to Soka Beach Resort,” the release read.
HLH says the project is expected to begin construction in 2015. Cheng Kheng, director of the CPL Real Estate Company, said the prices of the condos are very affordable for the province, which he said is a major business and tourism hub, and should easily attract prospective buyers.
Sbong Sarath, former provincial governor of Sihanouk province, confirmed yesterday that the HLH condominium project was discussed and studied during his tenure.
He added that the province was short on high-end, luxury accommodation services and that such projects will help fill that gap.
“The demand of condominium will be increase so it is a good idea to develop it now and business will be good,” said Sarath, who now occupies a position on the provincial council of Prey Veng province.
“The land has clear ownership [from developer],” he clarified. “There is no any argument [with resident].”
Kheng also said that currently there were no condominiums available to Sihanouk visitors, and similar projects could increase awareness and demand.
“It is a first and starting step at Sihanouk. Once there is one condominium project as a successful case, there will be more in the near future,” he added.