Weave Living Bolsters Asia-Pacific Presence with Strategic Serviced Apartment Acquisitions

Weave Living, a prominent rental accommodation provider, has significantly expanded its portfolio across Asia-Pacific with the acquisition of several key serviced apartment properties. These strategic moves, particularly in Hong Kong and Singapore, underscore the company's commitment to redefining urban living and catering to a growing demand for flexible, high-quality housing solutions.

Key Takeaways

• Weave Living has acquired multiple serviced apartment properties in Hong Kong and Singapore.
• The acquisitions include the Largos Residences in Hong Kong and Momentus Serviced Residences Novena in Singapore.
• These expansions are part of Weave Living's strategy to grow its presence in key Asian cities.
• The company continues to partner with major investors like BlackRock and Warburg Pincus.

Hong Kong Expansion

Weave Living is reportedly in the process of acquiring the Largos Residences, a 23-storey serviced apartment complex located at 123 Queen's Road West in Hong Kong's Sheung Wan area. The transaction is valued at approximately HK$585 million. This property, featuring 44 apartments and two ground-floor shops, is strategically positioned between Sai Ying Pun and Sheung Wan MTR stations. The acquisition of Largos Residences marks a significant step in Weave's strategy to build a robust portfolio of high-end, yet accessible, apartment offerings in Hong Kong.

Previously, Weave Living has been active in Hong Kong, having acquired a 13-storey hotel at 36 Boundary Street in Kowloon for its first location, followed by a 100-room building in the Hung Hom area. The company also reportedly engaged in discussions for the acquisition of two more Kowloon hotels, Hotel Cozi Harbour View and Hotel Ease Mong Kok, which would add a substantial number of rooms to its portfolio.

Singapore Growth

In Singapore, Weave Living has acquired the Momentus Serviced Residences Novena, a 99-unit, 15-storey property located at 12 Shan Road. The acquisition, made in partnership with BlackRock and Lian Beng Group, was valued at over S$100 million (£61 million). This marks Weave's fourth asset in Singapore and will be rebranded as Weave Suites – Novena. The property, originally a residential tower converted to serviced apartments in 2023, is slated for a full upgrade by 2026, featuring a mix of apartment types and enhanced lifestyle and wellness amenities.

This latest acquisition in Singapore continues Weave's successful collaborations with BlackRock and Lian Beng, following previous joint ventures on projects like Weave Suites – Hillside and Weave Suites – Midtown. Upon completion of Weave Suites – Novena, Weave Living's Singapore portfolio will comprise approximately 500 units across four properties, with a total valuation exceeding S$500 million (£305 million).

Strategic Vision

Sachin Doshi, founder and group CEO of Weave Living, emphasized the strategic importance of these acquisitions. He highlighted the unique opportunity to cater to Singapore's growing role as a regional hub for corporate, medical, and wellness sectors, expecting to attract a diverse range of residents. Doshi reiterated Weave's commitment to redefining urban living across the Asia-Pacific region, supported by a strong pipeline and growing assets under management.

These expansions reflect Weave Living's ambitious growth strategy, aiming to solidify its position as a leading rental accommodation provider in key Asian markets by offering modern, convenient, and community-focused living spaces.

Sources

• Weave Living acquires Novena serviced apartments for £61 million, Serviced Apartment News.
• Weave Co-Living Said Acquiring Hong Kong Apartments, Mingtiandi.
• Weave Living in Talks for Two More Hong Kong Hotels, Mingtiandi.