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

Weave Living, a prominent rental accommodation provider, is significantly expanding its portfolio across Asia-Pacific through a series of strategic acquisitions and developments. The company has recently secured several key properties in Singapore and Hong Kong, reinforcing its commitment to redefining urban living and catering to a diverse range of renters.

Key Takeaways

• Weave Living has acquired a 99-unit serviced apartment building in Novena, Singapore, for over S$100 million.
• The company is reportedly acquiring the 44-unit Largos Residences in Hong Kong's Sheung Wan area.
• Weave Living is in discussions to acquire two more hotels in Hong Kong, potentially adding nearly 800 rooms.
• The company operates under three distinct brands: Weave Residences, Weave Studios, and Weave Suites.

Singapore Expansion Continues

In Singapore, Weave Living has acquired the Momentus Serviced Residences Novena for over S$100 million (£61 million). This 99-unit, 15-storey property, currently operating as Momentus Serviced Residences Novena, will be rebranded as Weave Suites – Novena. The acquisition marks Weave's fourth asset in Singapore and was made in partnership with BlackRock and Lian Beng Group. Originally a residential tower completed in 2018, it was converted to serviced apartments in 2023. Weave plans a full upgrade by 2026, enhancing its lifestyle and wellness amenities. This latest acquisition brings Weave's Singapore portfolio to approximately 500 units across four properties, valued at over S$500 million.

Sachin Doshi, founder and group CEO of Weave Living, highlighted the strategic location of Weave Suites – Novena, positioning it to serve Singapore's growing corporate, medical, and wellness sectors. He expressed confidence in attracting long-term residents, tourists, business travelers, and corporates seeking spacious accommodations in prime locations.

Hong Kong Portfolio Growth

Weave Living is also actively expanding its presence in Hong Kong. The company is reportedly in the process of acquiring Largos Residences, a 23-storey serviced apartment complex located at 123 Queen's Road West in Sheung Wan. This property features 44 apartments and two ground-floor shops. The reported acquisition price is approximately HK$585 million. This move aligns with Weave's strategy to build a portfolio of high-end, well-located rental properties.

Furthermore, Weave Living is reportedly in talks to acquire two more hotels in Hong Kong: Hotel Cozi Harbourview and Hotel Ease Mong Kok. These potential acquisitions could add a combined 797 rooms to Weave's portfolio, significantly increasing its room count in the city. This expansion reflects a broader resurgence of interest in Hong Kong's hospitality and serviced apartment market.

Diverse Brands Catering to Market Needs

Weave Living operates under three distinct brands to cater to different market segments:

• Weave Residences: Targets the traditional rental market with well-appointed apartments.
• Weave Studios: Focuses on affordable, single-occupancy apartments, particularly for students and young professionals.
• Weave Suites: Offers serviced apartment lodgings, providing flexibility and convenience for short-to-medium term stays.

This multi-brand strategy allows Weave Living to address a wide spectrum of renter needs and preferences across key Asian cities, solidifying its position as a leading player in the evolving urban living landscape.

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.
• Hong Kong-based Weave Living opens new rental property in Robinson Road, Hong Kong, Yahoo! Finance Singapore.