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Weave Living Accelerates Hong Kong Expansion Through Strategic Acquisitions and Conversions

By Moveandstay Editorial3 min read
Weave Living Accelerates Hong Kong Expansion Through Strategic Acquisitions and Conversions

Hong Kong's rental residential market is seeing significant expansion as Weave Living, a Warburg Pincus-backed operator, aggressively grows its portfolio. The company is actively acquiring existing apartment buildings and hotels, alongside converting properties, to meet the rising demand for diverse rental housing solutions across the city.

Key Takeaways

  • Weave Living is expanding its Hong Kong portfolio through acquisitions and conversions of apartments and hotels.
  • The company is diversifying its offerings beyond co-living to include serviced apartments and traditional multi-family residential properties.
  • Strategic acquisitions are being driven by a softening Hong Kong property market, creating unique buying opportunities.

Strategic Acquisitions Bolster Portfolio

Weave Living has been actively acquiring properties to solidify its presence in Hong Kong. The company is reportedly in the process of acquiring Largos Residences, a 23-storey serviced apartment complex in Sheung Wan, for approximately HK$585 million. This acquisition, which includes 44 apartments, would add to Weave's growing portfolio.

In another significant move, Weave acquired a 24-storey tower in the upscale Mid-Levels area for HK$295 million, formerly known as Mier Serviced Apartments. This property is being refitted to become Weave's first traditional rental apartment property. The company is also in talks to acquire two more hotels in Kowloon: Hotel Cozi Harbour View and Hotel Ease Mong Kok, which would add nearly 800 rooms to its existing inventory.

Diversification Beyond Co-Living

Weave Living, initially founded as Weave Co-Living, has strategically rebranded and expanded its offerings to encompass a broader range of rental accommodations. The company now operates under three distinct brands: Weave Residences for the traditional rental market, Weave Studios for affordable single-occupancy apartments, and Weave Suites for serviced apartment lodgings. This diversification allows Weave to cater to a wider demographic and a broader customer base.

Market Opportunities Drive Expansion

Founder and CEO Sachin Doshi highlighted that the current Hong Kong property market presents a "unique opportunity" for acquisitions due to a period of repricing and softening prices. Weave is leveraging this window to secure en-bloc residential assets at attractive prices. The company's strategy includes transforming underutilized hotel assets into long-stay rental apartments, capitalizing on the global challenges faced by the hotel industry.

Weave Living aims to build a substantial portfolio of rental housing across Asia's major cities. With a strong backing from Warburg Pincus, the company is well-positioned to continue its aggressive expansion, focusing on key Hong Kong districts and properties within close proximity to MTR stations and essential infrastructure.

Sources

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Hong Kong
Written by
Moveandstay Editorial

The Moveandstay editorial team writes about serviced living, workspaces, and city guides across Asia-Pacific.

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