The Hong Kong-headquartered rental accommodation specialist will soon introduce its fully integrated rental accommodation concept to Singapore, following the USD 56 million acquisition of Hotel Clover J. SultanHONG KONG - Media OutReach - 14 March 2022 - Asia's leading owner, developer and operator of lifestyle rental accommodation WEAVE LIVING today announces its expansion to Singapore. Through its successful acquisition of Hotel Clover J. Sultan located at 33 Jalan Sultan for a value of USD 56 million, WEAVE LIVING will introduce its fully integrated rental housing concept to the Lion City. WEAVE LIVING's debut property in the city is expected to welcome its first residents in the first quarter of 2023, and will see the company's aggregate assets under management rise to over USD 850 million across its portfolio in Hong Kong and Singapore. This latest acquisition marks a new milestone for the Company and signifies WEAVE LIVING's expansion plan into more APAC markets, leveraging on its solid foundations in Hong Kong since 2017.
Located in the heart of the vibrant Kampong Glam neighbourhood, WEAVE LIVING's first Singapore property will boast a gross floor area of approximately 35,000 square feet. Coupled with WEAVE LIVING's dedication to providing lifestyle-centric, hassle-free living, this upcoming property will provide an exceptional new choice for rental accommodation in the active Singapore market. Targeting global citizens and professionals, the expansion will also create a strong synergy effect and strengthen WEAVE LIVING's offer across Asia's gateway cities.
Sachin Doshi, Founder & Chief Executive Officer of WEAVE LIVING, said: "We are thrilled to have successfully acquired this premium site. We have been following with interest the booming rental accommodation market in Singapore and are optimistic about developments in this key Asian commercial centre over the coming years. A new generation of Singaporeans are now looking for a place to live independently, especially with the recent growth of working from home and other flexible working arrangements. We are also confident that the city will see an influx of global talent thanks to its status as an international financial hub combined with its pragmatic approach to dealing with the after-effects of the pandemic. We believe there is huge demand for fully serviced, flexible and stylishly designed accommodation in Singapore, which we expect will only increase as we continue to grow our portfolio in the city.
"With our first acquisition in Singapore, WEAVE LIVING is excited to curate a brand-new living experience for global citizens and professionals that combines style, comfort, and convenience, to complement the energy and vitality of modern city living. The acquisition also aligns with WEAVE LIVING's long-term investment and expansion plans and I am certain that the Company will inject new energy into the market."
He added that WEAVE LIVING's first overseas purchase, building on the solid foundation the brand has established in the Hong Kong market, signifies the Company's ambition to expand its presence to the wider APAC region with entry into other countries, beyond Singapore currently in planning. WEAVE LIVING is also eyeing various potential properties in Singapore, with an aim to substantially grow its portfolio in the city-state over the next couple of years.
Spread across two levels, the property, which is a row of conservation shophouses, will feature beautifully designed and fully-furnished rental accommodation units encompassing a mix of single- and dual-occupancy contemporary serviced suites including several loft units with exclusive green terraces and kitchenettes. In keeping with WEAVE LIVING's community-building and design-forward ethos, the existing property will undergo a comprehensive refurbishment with an investment of SGD 4 to 5 million, whereby expansive and welcoming shared spaces such as a dining area, living room, kitchen, gym, yoga studio and workspaces will be added. The new home is expected to welcome its first residents early next year.
In recent years, Kampong Glam has transformed into one of Singapore's most vibrant arts and cultural precinct. In addition to its diverse mix of impressively maintained heritage and exciting new developments, the area is home to leading museums, art hubs and cultural landmarks, and is a must-visit destination for both locals and visitors. WEAVE LIVING's debut property in the city is an eight-minute walk to Bugis MRT station, a main interchange hub on the East West and Downtown Lines. As such, the property is within easy reach of popular destinations such as Raffles Place, Tanjong Pagar, Marina Bay Sands, National Gallery, and Victoria Concert Hall while also being conveniently connected to commercial areas such as Suntec City, The Gateway and The Concourse. With its prime location and fascinating surrounds, this is the ideal location for WEAVE LIVING's lifestyle rental accommodation philosophy to be brought to life in Singapore.
About Weave Living
Founded in 2017 by Sachin Doshi as a response to the gap in the market for beautifully designed and professionally managed living options, WEAVE LIVING currently owns and operates 678 rental accommodation units in Hong Kong across its three consumer brands: WEAVE STUDIOS, WEAVE SUITES and WEAVE RESIDENCES.
WEAVE STUDIOS boasts four prime locations in Kowloon that ushered in a new and innovative model of hassle-free city living by bringing together comfort, convenience, and community. WEAVE SUITES was first launched in February 2021 at eclectic Sai Ying Pun, offering 83 fully-furnished and contemporary serviced suites. In August 2021, WEAVE RESIDENCES debuted in affluent Mid-Levels, adding 48 traditional self-contained multi-family homes to the WEAVE LIVING portfolio.
With its current pipeline of new openings in Hong Kong and Singapore over the next 12 months, WEAVE LIVING will grow its portfolio to c.1,500 units across 10 properties.
Offering flexible lease terms and move-in-ready homes with all-inclusive prices for a streamlined, stress-free rental process, WEAVE LIVING's dedication to its residents and neighbourhood is matched by a commitment to the local community – via frequent collaborations with artists, brands, and partners – to imbue WEAVE locations with a true sense of place.
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