
Hong Kong-based accommodation provider Weave Living has announced the acquisition of a freehold serviced apartment building at 12 Shan Road, which is set to become its fourth property in Singapore. In a May 26 press release, Weave Living says the property, located in the Novena area, was acquired in partnership with global asset management firm BlackRock and Singapore’s Lian Beng Group for over $100 million.
The property was purchased from a joint venture between Roxy-Pacific Holdings, Macly Capital and LWH Holdings. The joint venture bought the 15-storey building from TA Corporation in April 2022 for $86.5 million. SingHaiyi Group’s hospitality arm, Momentus Hotels & Resorts, was later appointed to run the property as Momentus Services Residences Novena, which commenced operations in September 2023.
The building was completed in 2018. Originally a residential development, it was converted by TA Corporation to become a serviced apartment. The property occupies land zoned for residential use with a gross plot ratio of 2.8.
According to Weave Living, the property will be upgraded and transformed into Weave Suites – Novena, a serviced living accommodation with 99 units ranging from open-plan to one- and two-bedroom apartments. It will also include amenities such as a sheltered play area for children, a patio, a lap pool, and a communal courtyard.
Weave Suites – Novena is set for completion in 2026. It joins Weave Living’s three existing properties in Singapore: Weave Suites – Midtown in Bugis, Weave Suites – Hillside in Mount Sophia, and Weave Residences – East Coast in Katong. The new addition in Novena will bring Weave Living’s Singapore portfolio to around 500 units, with the portfolio valued at over $500 million, according to the firm.
“The strategic location of Weave Suites – Novena opens up a unique opportunity to cater to Singapore’s growing strength as a regional corporate, medical and wellness hub, and we expect to attract long-term residents, tourists, business travellers and corporates who value larger formats and being in the heart of it all,” said Sachin Doshi, founder and group CEO of Weave Living.
Weave Living has previously partnered with both BlackRock and Lian Beng Group on separate projects. In February 2024, the firm teamed up with BlackRock to acquire the Weave Suites – Hillside property, previously known as Citadines Mount Sophia, from CapitaLand Ascott Trust in February 2024 for $148 million. In 2022, Singapore-listed property developer SLB Development, a subsidiary of Lian Beng Group, partnered with Weave Living to acquire Hotel Clover on Jalan Sultan for $74.8 million. The property was later converted to Weave Suites – Midtown.