Comprehensive real estate services company Hanlim Architecture Group said Friday that it has finalized an agreement to help Korean convenience store operator E-mart 24 enter Cambodia. The collaboration is being facilitated through a joint venture known as Saihan Partners.

Saihan Partners was established this year as a collaboration between Hanlim Architectural Group and Cambodian retail company Saisons Brother Holding Corp. The joint venture emerged following a three-party memorandum of understanding signed in August involving E-mart 24, Cambodia's Saison Group and Hanlim Architectural Group.

The latest agreement was signed between Saihan Partners and E-mart 24 at the headquarters of E-mart 24 in Seoul on Thursday. Hanlim Architecture Group Chairman Park Jin-sun, E-mart CEO Han Chae-yang and Saihan Partners CEO David Sambo attended the signing ceremony, among others.

Under the agreement, Saihan Partners plans to open E-mart 24’s first outlet in the first half of next year in the Cambodia's capital Phnom Penh, and gradually expand the number to 100 through 2028.

According to Hanlim officials, it plans to establish itself as a center for Korean food cultural experiences through E-mart 24 convenience stores. After launching the first outlet, it plans to expand to include food delivery services in collaboration with local delivery companies.

“Leveraging our expertise in Korean architectural design and construction, we seek to introduce a new Korean Wave to Cambodia,” said Hanlim Chairman Park. "We will strive for E-mart 24 to become loved by the Cambodian people to allow them to experience the taste and flavor of K-food."

The latest push into Cambodia's food market comes as the company highly values the country's burgeoning market potential.

Until the outbreak of the pandemic, Cambodia had continuously logged an annual gross domestic product growth rate of more than 7 percent through 2019. Its growth potential has returned post-pandemic, with the local government projecting its growth rate to reach 6.6 percent in 2024.

Before the pandemic, Phnom Penh saw some 6.6 million foreign visitors annually.

Hanlim has also been securing a footing in the Southeast Asian real estate market since launching a regional branch in Cambodia in 2017.