Weave Puts Singapore Shophouse Suites on Market for $73M

Weave Puts Singapore Shophouse Suites on Market for M

Weave Suites Midtown failed to find a buyer one year ago (Image: JLL)

Weave Living is marketing a 65-key serviced apartment complex in Singapore’s Bugis area for S$95 million ($73.4 million), as the Hong Kong-based rental housing specialist continues to recycle capital across its Asia Pacific portfolio.

The company aims to sell Weave Suites Midtown, comprising a row of two-storey shophouses in Kampong Glam, four years after buying the former Hotel Clover at 33 Jalan Sultan through a joint venture with listed builder SLB Development for S$75 million (then $56 million).

The property has potential to add inventory by converting underused retail units and other spaces into 40 capsule pods, which have been approved by Singapore’s Urban Redevelopment Authority, or into 17 additional guest suites, subject to approval, exclusive marketing agent JLL said Tuesday in a release.

“Singapore’s hospitality sector continues to attract significant investment capital, with total transaction volume for 2026 projected to surpass S$1 billion,” said Ling Wei Tan, executive vice president for investment sales in Asia Pacific with JLL’s hotels and hospitality group.

Price Reduction

Weave and SLB acquired the asset in March 2022 from Singa Property, the hotel investment firm of local investor Teo Kok Hwee, with the transaction marking Weave’s first location outside its home market of Hong Kong.

Sachin Doshi, founder and group CEO of Weave Living

At the time of purchase, the row of two-storey shophouses spanned 35,000 square feet (3,252 square metres) and contained 88 hotel rooms on a leasehold site with 85 years remaining, with Weave planning S$4 million to S$5 million in refurbishments before opening the project under its Weave Suites brand.

The renovated property opened in March 2023 as Weave Suites Midtown, with the 65-unit facility near Bugis MRT station already half leased after three weeks of marketing, Weave founder and CEO Sachin Doshi said at the time.

Based on the current asking price, Weave is seeking S$1.46 million per key for the Midtown asset. The latest pricing is 27 percent above the partners’ 2022 acquisition price before accounting for refurbishment costs, while standing nearly 10 percent below the S$105 million guide when Savills and CBRE marketed the same property last July.

JLL is pitching the asset as unencumbered by management agreements, giving an incoming investor flexibility over operations. Tan said the URA’s recent policy shift encouraging new hotel development in heritage districts such as Boat Quay and Beach Road signals official confidence in central cultural precincts as hospitality hubs.

Portfolio Rejig

Weave is looking to recycle capital across an Asia Pacific portfolio that includes $4 billion in assets under management across Hong Kong, Singapore, Japan, South Korea and Australia, according to the release.

In Hong Kong, Weave and LaSalle Investment Management are seeking HK$450 million ($57.4 million) for a 25-unit apartment tower at 68 Robinson Road in Mid-Levels, after acquiring the property in 2022 for HK$275 million as the first deal under a $140 million venture.

The company is also testing buyer appetite for Weave Studios Kai Tak, with Knight Frank and CBRE appointed to market the 99-unit Kowloon East property at an asking price of HK$460 million, as Weave shifts two other Hong Kong assets into a dedicated student housing strategy.

In Singapore, Weave operates more than 400 keys, including the 175-key Weave Suites Hillside, the 99-key Weave Suites Novena and the 93-key Weave Residences East Coast, in addition to the Midtown property now on the market.

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