Weave Living Bolsters Hong Kong Portfolio with Strategic Property Acquisitions

Hong Kong's co-living and rental market is seeing significant expansion as Weave Living actively acquires new properties. The company is reportedly in the process of purchasing several key assets, including a serviced apartment complex and two hotels, signaling a strong commitment to growing its presence in the city. These moves are expected to add hundreds of rooms to Weave's existing portfolio, catering to the increasing demand for flexible and modern living solutions.

Key Takeaways

• Weave Living is expanding its Hong Kong co-living and rental property portfolio.
• The company is acquiring the Largos Residences in Sheung Wan for approximately HK$585 million.
• Weave is also in talks to acquire two Kowloon hotels, Hotel Cozi Harbourview and Hotel Ease Mong Kok.
• These acquisitions aim to add nearly 800 rooms to Weave's current inventory.
• The expansion aligns with a broader revival of interest in Hong Kong's hospitality and serviced apartment sectors.

Strategic Acquisition in Sheung Wan

Weave Living is reportedly set to acquire the Largos Residences, a 23-storey serviced apartment building located at 123 Queen's Road West in Sheung Wan, Hong Kong. The transaction is valued at approximately HK$585 million. This property, which includes 44 apartments and two ground-floor shops, is strategically positioned between the Sai Ying Pun and Sheung Wan MTR stations. If the deal finalizes, it will mark Weave's third project in Hong Kong, further solidifying its presence in the rental residential market. The building offers 36,389 square feet of gross floor area, and the acquisition price equates to roughly HK$16,076 per square foot. The seller, an investment consortium, is expected to see a 29% profit on their initial investment from 2015.

Expansion into Kowloon Hospitality

In addition to the Sheung Wan acquisition, Weave Living is in discussions to purchase two hotels in Kowloon: Hotel Cozi Harbourview and Hotel Ease Mong Kok. These potential acquisitions represent a significant expansion, aiming to add a combined 797 rooms to Weave's portfolio. Hotel Cozi Harbourview, a 32-storey building with 598 rooms, is located in Kwun Tong, while Hotel Ease Mong Kok offers 199 rooms and is situated on Portland Street. These moves are part of a broader trend of increased activity in Hong Kong's hospitality and serviced apartment markets, with total deal values reaching HK$3.2 billion in the third quarter of 2022.

Weave Living's Growth Strategy

Founded by Sachin Doshi, Weave Living has been actively building its portfolio since its inception. The company operates under distinct brands, including Weave Residences for the traditional rental market, Weave Studios for affordable single-occupancy apartments, and Weave Suites for serviced apartments. This latest expansion follows recent acquisitions, such as a 25-unit apartment tower on Robinson Road and a joint venture to purchase the Grand City Hotel. Weave's ambitious goal is to establish a portfolio of 10,000 bedrooms across major Asian cities by 2023, catering to students and young professionals.

Sources

• 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.