Weave Living Expands Asia-Pacific Footprint with Strategic Acquisitions

Weave Living, a prominent rental accommodation provider, is making significant moves across Asia-Pacific, with recent reports indicating a major acquisition in Hong Kong and a substantial investment in Singapore. The company is set to acquire a serviced apartment complex in Hong Kong's Sheung Wan area, signaling its continued commitment to expanding its co-living portfolio in key urban centers.

Key Takeaways

• Weave Living is reportedly acquiring Largos Residences in Hong Kong for approximately HK$585 million.
• The company recently acquired Momentus Serviced Residences Novena in Singapore for over S$100 million.
• These acquisitions align with Weave Living's strategy to redefine urban living across the Asia-Pacific region.

Hong Kong Expansion Underway

Sources suggest that Weave Living is in the process of acquiring Largos Residences, a 23-storey serviced apartment building located at 123 Queen's Road West in Hong Kong's Sheung Wan district. The reported transaction value is around HK$585 million. This property, which comprises 44 apartments and two ground-floor retail units, is strategically positioned between the Sai Ying Pun and Sheung Wan MTR stations.

The acquisition would represent a significant addition to Weave's growing presence in Hong Kong. The company, backed by Warburg Pincus, has been actively building its portfolio of high-quality, compact apartments designed for students and young professionals. Weave's existing Hong Kong properties include a location on Boundary Street in Kowloon and another in the Hung Hom area.

Singapore Portfolio Growth

In a separate development, Weave Living, in partnership with BlackRock and Lian Beng Group, has acquired the Momentus Serviced Residences Novena in Singapore for over S$100 million (approximately £61 million). This marks Weave's fourth property in Singapore, which will be rebranded as Weave Suites – Novena.

The 99-unit, 15-storey building, originally completed in 2018 and converted to serviced apartments in 2023, is slated for a comprehensive upgrade by 2026. The renovated property will offer a mix of open-plan, one- and two-bedroom apartments, alongside amenities such as a lap pool, play area, courtyard, and wellness facilities. This acquisition reinforces Weave's successful collaborations with BlackRock and Lian Beng in Singapore, following previous joint ventures.

Redefining Urban Living

Sachin Doshi, founder and group CEO of Weave Living, expressed his commitment to redefining urban living across the Asia-Pacific. The strategic location of Weave Suites – Novena, he noted, presents a unique opportunity to serve Singapore's growing status as a regional hub for corporate, medical, and wellness sectors. The company anticipates attracting long-term residents, tourists, business travelers, and corporations seeking spacious living formats in prime locations.

These strategic acquisitions underscore Weave Living's ambitious growth trajectory and its dedication to providing modern, convenient, and community-focused living solutions in major Asian cities.

Sources

• Weave Living acquires Novena serviced apartments for £61 million, Serviced Apartment News.
• Weave Co-Living Said Acquiring Hong Kong Apartments, Mingtiandi.
• Dash Living to convert Hong Kong Travelodge to coliving property, Serviced Apartment News.