Weave Living Strengthens Asia-Pacific Presence with Strategic Acquisitions in Hong Kong and Singapore

Weave Living, a prominent rental accommodation provider, has significantly expanded its portfolio through a series of strategic acquisitions in key Asian markets. The company has recently acquired properties in both Hong Kong and Singapore, reinforcing its commitment to redefining urban living across the Asia-Pacific region. These moves underscore Weave Living's growth trajectory and its focus on diversifying its offerings to meet evolving market demands.

Key Takeaways

• Weave Living has acquired a serviced apartment building in Novena, Singapore, for over S$100 million.
• The company is also expanding its Hong Kong portfolio with acquisitions in Sheung Wan and Mid-Levels.
• These acquisitions mark a diversification into multi-family and serviced apartment sectors.
• Weave Living continues to leverage partnerships with major investors like BlackRock.

Singapore Expansion

In Singapore, Weave Living has acquired the freehold serviced apartment building at 12 Shan Road in Novena for over S$100 million (£61 million). This marks Weave’s fourth asset in Singapore and will be rebranded as Weave Suites – Novena. The 99-unit, 15-storey property, originally completed in 2018 and converted to serviced apartments in 2023, is slated for a full upgrade by 2026. The acquisition was made in partnership with BlackRock and Lian Beng Group, continuing existing successful collaborations. Following this acquisition, Weave's Singapore portfolio will comprise approximately 500 units across four properties, valued at over S$500 million.

Hong Kong Portfolio Growth

Weave Living has also made significant strides in Hong Kong. The company is in the process of acquiring Largos Residences, a 23-storey serviced apartment complex at 123 Queen’s Road West in Sheung Wan, for approximately HK$585 million. This property features 44 apartments and two ground-floor shops. Additionally, Weave has moved into the multi-family sector with the acquisition of a property at 6-8 Hospital Road in the upscale Mid-Levels for HK$295 million. This 24-storey tower, formerly Mier Serviced Apartments, will be refitted and opened as a traditional rental apartment property. Weave is also reportedly 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 portfolio.

Diversified Offerings

Weave Living has strategically evolved from its co-living roots to encompass serviced apartments and traditional multi-family residential properties. This diversification allows the company to cater to a broader demographic, including long-term residents, tourists, business travelers, and corporate clients. The company's portfolio now includes 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 multi-faceted approach positions Weave Living to capitalize on the growing demand for flexible and quality urban living solutions across Asia-Pacific.

Sources

• Weave Living acquires Novena serviced apartments for £61 million, Serviced Apartment News.
• Weave Co-Living Said Acquiring Hong Kong Apartments, Mingtiandi.
• Weave Moves into Multi-Family in Hong Kong's Mid-Levels, 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.