Weave Living to sell Weave Suites – Midtown for $105 mil

Hong Kong-based accommodation provider Weave Living is putting up its Jalan Sultan property, the 65-room serviced apartment Weave Suites – Midtown, for sale at an asking price of $105 million.

The property is up for sale by expression of interest (EOI), with CBRE and Savills as the joint marketing agents. The EOI will close on Aug 13.

The sale of the 65-room Weave Suites – Midtown comes just two years after its opening in March 2023. The property had marked Hong Kong-based Weave Living’s first foray into Singapore, following its acquisition of the former Clover Hotel for $74.8 million in an 80:20 joint venture with property developer SLB Development.

The asset involved the repositioning and refurbishment of a row of conservation shophouses at 17 to 33 Jalan Sultan, situated on a 15,201 sq ft, 99-year leasehold site zoned for hotel use. 

To date, Weave Living has four properties in Singapore, including Weave Suites – Midtown, with a combined total of 432 units. According to Sachin Doshi, founder and group CEO of Weave Living, the reason for the divestment was the property’s size. “Our portfolio priorities in Singapore have evolved in favour of larger institutional-grade assets,” he says, adding that the group is now focusing on properties with at least 100 units.

The launch of the property in 2023 marked Weave Living’s first entry in Singapore. (Picture: Samuel Isaac Chua/The Edge Singapore)

For instance, in February 2024, Weave Living, in partnership with US-based global fund manager BlackRock, acquired the former Citadines Mount Sophia from CapitaLand Ascott Trust (CLAS) for $188 million. The property reopened in March 2025 as Weave Suites – Hillside, with 175 units.

In February, Weave Living also opened the 93-unit Weave Residences – East Coast at 5 Still Road. While Weave does not own this asset, it manages the property on behalf of the owner. According to Doshi, Singapore is the only market where the company is expanding into asset management, in addition to ownership, due to the city-state’s high stamp duty regime.

The group’s most recent acquisition was in May when it teamed up with BlackRock and Lian Beng Group to purchase a freehold serviced apartment building with 99 units at 12 Shan Road, near Novena, for about $100 million. 

The property, previously operated as Momentus Serviced Residences Novena, was acquired from a joint venture between Roxy-Pacific Holdings, Macly Group, and LWH Holdings, which had bought it from TA Corp for $86.5 million in April 2022. It will be rebranded as Weave Suites.

Preference for institutional-grade assets

Although Weave Suites – Midtown has been a good performing asset under the company’s management, the size of the property and its room count mark it down as a relatively small asset, says Doshi. His intention is to operate assets with at least 100 units as it’s more efficient for the group, he adds.

If Weave Suites – Midtown successfully finds a buyer, there is a chance that it might be rebranded.

“We take an open-minded approach in this regard and focus on our primary goal for this property at the moment, which is to deliver a good economic return on the asset for us and our stakeholders,” says Doshi.

Doshi: Market conditions are favourable for Weave Living to monetise this asset as we look towards recycling that capital back into other opportunities in Singapore. (Picture: Samuel Isaac Chua/The Edge Singapore)

Investment confidence strengthens

Clemence Lee, executive director of capital markets at CBRE Singapore, says that the sale of Weave Suites – Midtown comes amid sustained buying interest from investors looking to reinforce their portfolio with resilient assets, especially lodging or hospitality properties.

It is an opportune time for these high-net-worth investors to consider conservation assets where the pricing is relatively palatable, and family offices and investment firms are on the hunt for good-quality assets with long-term value, says Lee, citing several noteworthy deals that have closed in recent months.

Prominent transactions include the sale of Duxton Reserve, a 49-key boutique hotel in Tanjong Pagar, which was sold to Lotus One Investment for $80 million in May. Meanwhile, Indonesian billionaire Leo KoGuan bought 21 Carpenter, a heritage 48-key hotel, for $100 million in April. The property was designed by WOHA Architects and consists of four amalgamated conservation shophouses at New Bridge Road.

Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, shares that Weave Suites – Midtown’s unique offering, which caters to a mix of short- and long-stay guests, makes it an especially attractive asset. “Most family offices in Singapore who are keen to build up their portfolio would consider this a strong defensive asset in an appealing asset class, the living sector”.

She adds that investor confidence has strengthened in recent months, bolstered by an improving interest rate environment, with the three-month Singapore overnight rate average or Sora falling to 2.3% at the end of June with further cuts expected in the second half of this year.

In addition, since Weave Suites – Midtown debuted two years ago, the Bugis/Beach Road area has evolved amid new and upcoming commercial and residential development completions. Landmark projects have sprouted in Bugis, such as Guoco Midtown and the completion of Shaw Towers next year.

A loft suite at Weave Suites – Midtown. (Picture: Samuel Isaac Chua/The Edge Singapore)

Stabilised lodging assets

Among recent capital market transactions in Singapore in recent months, a good number have been assets in the living or lodging sector as foreign-based investors shy away from residential properties due to the prevailing stamp duty regime, says CBRE’s Lee.

Besides family offices, interest is also expected to come from institutional investors who are interested in value-add plays, by repositioning existing assets to minimise downtime, says Savills’ Yap. “Weave Suites – Midtown fits the bill of what such buyers are looking for,” she adds.

Following the divestment of Weave Suites – Midtown, Doshi intends to “recycle the capital” into other opportunities in Singapore. 

HIs target is to have a portfolio of about 1,500 units under management in Singapore. “We are patient for the right deal to come along,” he says. “And when it does, we have the ability to move quickly to secure the asset.”