Hong Kong-based accommodation company Weave Living officially opened Weave Suites -Midtown, a property in Hong Kong. Midtown with a 65-room serviced apartment property located at 33 Jalan Sultan, on March 8. It’s the first Weave overseas venture out of Hong Kong. Singapore is its first stop to expand its reach across in the Asia Pacific region.
The Myst land price for S$126.3 million, the residential development is 16,630 sq ft and is in a prime location. It has a plot ratio of 2.1, is zoned residential, and is set to offer 1, 2, 3, and 4-bedroom units.
It is a property is a redevelopment of the previously-owned Hotel Clover spread across 17 two-storeyshophouses that have been preserved in Jalan Sultan. Weave Living and Singapore-listed property developer SLB Development acquired the Hotel Clover in the amount of $74.8 million on March 20, 2022. The deal was an 80:20 joint partnership.
According to group chief executive Sachin Doshi, Weave Living has a substantial of the property. Weave Living was also responsible for repositioning the property and making the former hotel serviced apartments. It is also the owner and manager of the asset, according to Doshi.
Weave Suites Midtown Midtown has a subtle design and colour palette which echoes the design options that are common to all the Weave Living’s Hong Kong properties, such as warm earthy tones dark woods tiles in monochromatic shades and modern marble counters. The property also offers resident amenities including shared social spaces as well as a gym, fully-equipped kitchen for communal use with meeting rooms, and workplaces.
“We are concerned about the style for our properties and are committed to designing spaces that people would be proud to call home,” says Doshi. “But we’re also aware of the necessity of our designs to integrate with the neighborhood in this instance that is true to what is the essence of the Kampong Glam area.”
Doshi points out the two-storey outdoor wall mural created by an artist from the area Ben Qwek of LabFiveSix, depicting a traditional sarong and kebaya-clad woman gazing toward Sultan Mosque from a Peranakan backyard. It depicts the rich history and vibrant neighbourhood according to Doshi.
The launch is now underway in Singapore
Weave Living was founded in 2017 with the intention of creating “hassle-free urban living experiences” according to Doshi. “We are looking to be located in central areas that people want to work and live in a community with high-quality infrastructure for social and leisure,” he says.
Singapore is an ideal location as a location for Weave’s Asia Pacific expansion plans. “We would like to establish an presence in the cities that are gateways to in which global talent gathers. As for our focus on the Southeast Asia region, Singapore is an obvious choice for us following the success of Hong Kong. our presence with Hong Kong,” says Doshi.
He claims that every location determines the style and character Weave Living property such as shown in the instance of Weave Suites -situated in Midtown situated in Kampong Glam. The properties are located situated in prime neighbourhoods and districts. For instance In Hong Kong, Weave Living’s properties are located in highly popular residential areas such as Kai Tak, Hung Hom, Prince Edward and Mid-Levels.
Weave Living has nine properties in Hong Kong, with nearly 1,500 units in its three brands of accommodation -Weave Studios, Weave Studios, which focuses on single-occupancy homes that are affordable; Weave Residences, which is geared towards rentals that are traditional Weave Suites, for its serviced apartment lodgings; and Weave Suites, for its apartments that are serviced.
“From standpoint of product positioning I think we are and will remain located at the top part of the market for accommodation,” says Doshi.
He also says that it’s the perfect time to begin in Singapore due to the increase in rents for residential homes that the city-state has witnessed in the past few months.
Doshi chooses Weave Suites as the brand to join Singapore because he believes the top segment of serviced residences remains “under-served”. He says: “A serviced apartment offering was the best method of entering the market since this is what is inherent to Weave Living and is precisely what we excel at.”
The company is also convinced that the mixture of single- and dual occupancy suites, as well as loft apartments in Weave Suites -the Midtown location – Midtown will be a hit with expatriates as well as locals who want to rent long-term.
The Covid epidemic has changed the way people perceive their work and home environments according to Doshi. Doshi says that people are more conscious of their commutes and are firmly oriented to flexible working arrangements. “Leasing an attractive area to live, work and play is attractive,” he says.
Six unit types available
Weave Suites Midtown has six kinds of units and configurations. The only unit that is single-occupant includes the 120 square feet Urban Suite which comes with 65 sq ft of patio that is private. The two-occupant units are the 160 sq feet Skylight Suite along with the 180 sq feet Premium Suite that come equipped with basic features.
The larger models include a more spacious private living area built to be more independent than smaller units. For instance the 275 sq ft One-Bedroom Suite has a living area that includes the sofa, kitchenette, fridge and washer/dryer, as well as tables with chairs, and an area of 65 square feet that is a private outdoor patio.
The 290 square feet Garden Suite includes the same amenities for living. The Garden Suite does not come with an eating table or chairs, but compensates the difference with a 90 sq feet private outdoor patio.
The only loft-style apartment is the 385 square feet Loft Suite. It is a smaller arrangement with a fridge as well as a kitchenette, washer/dryer inside the room with a tables and chairs located on the lower floors.
According to Doshi According to Doshi, according to Doshi, Skylight as well as the Premium Suites need only a six-night stay. The others require at least a stay. Prices for rental are $180 per night or $2,520 for a month.
“So far the property has had a positive reception from the locals, in contrast to the common belief that Singaporeans are averse to the idea of renting houses,” adds Doshi. “This could be the start of a change in housing views among Singaporeans. As a company We always strive to stay ahead of market shifts.”
The demographic of tenants with a signed lease to an apartment in Weave Suites -Midtown – Midtown is 50/50 between the local population and those from abroad. Around 50% of units had been pre-leased at Feb. 31st and Doshi anticipates that the property to be 100% lease-up at the end of the month. “We wanted to slow down the occupancy of units in the property since this is our first property in Singapore,” he adds.
Growth oriented around assets
Doshi recognizes the market for flexible living in Singapore is competitive with a number of hospitality-related brands already established.
A few of the most prominent hospitality companies in the field includes CapitaLand’s The Ascott, Far East Hospitality UOL Group’s Pan Pacific Hotels & Resorts and Frasers Property’s Frasers Hospitality.
Co-living companies that are starting up and have established themselves within Singapore comprise Cove, Hmlet and The Assembly Place.
“I think that the caliber of service and product along with the reliability of the services offered is what will decide which brand the consumer will choose to support,” says Doshi. “We are also relying on our existing customers from Hong Kong who are aware of our brand name and wish to be part of our family when we expand into different markets.”
The company has plans to expand its footprint in the region but it will focus on purchasing quality assets, rather than trying to achieve an enormous scale, says Doshi. “I’d prefer to be in five locations that are top-quality instead of being in 20 places just to be more widely spread.”
According to the company, it won’t chase an amount of properties in Singapore when it grows. Additionally, Weave Living will continue to concentrate on the growth of assets. “We don’t consider ourselves to be an asset light firm We are looking for opportunities to acquire the right real estate that will suit our needs,” says Doshi.
“Owning property is our primary goal since I believe that we bring value to real estate market through our product design, design, and placemaking as well as ongoing operations and services,” he adds.
However, Doshi believes that the hospitality sector of Singapore is “too extravagant”. “Some amount of rationality will not harm the business,” he notes.
In the same way, the recent rise in rents for private residences has hurt Singapore’s competitive edge in comparison to Hong Kong. “Right right now renting in Singapore isn’t well-balanced,” Doshi observes. “Any scenario where either the landlord or tenant enjoys too much upper hand is detrimental to markets.”
Opportunities for acquisitions targeted
Weave Living will focus on stabilising its only asset in Singapore However, Doshi states that the company’s acquisitions staff is continuously looking for opportunities.
The recent excitement generated by the redevelopment and rejuvenation initiatives in the Bugis Beach Road area has caught his curiosity. But, he is keen to look into other areas of interest to residents like Chinatown, Farrer Park and River Valley.
“We would like to be in the places people want to be; it’s easy,” says Doshi. “And those who wish to reside in the city centre would like convenience and an easy commute. Therefore, we will concentrate on the best locations.”
The firm is hoping to introduce the Weave Studios label to Singapore in the near future. “We are currently exploring opportunities at the moment and are trying to find properties that are suitable to Weave Studios,” says Doshi. Weave Studios brand,” Doshi says. Doshi.
To this end, Doshi says the company is looking to establish the market with a stronger footprint in this city, with a the portfolio of over 500 units in the next couple of years.
Other cities that are gateways to cities in the Asia Pacific region that Weave Living would like to join includes Tokyo as well as Osaka within Japan, Seoul in South Korea and Sydney as well as Melbourne and Sydney in Australia. “We would like to concentrate all our effort on major international centers,” says Doshi.
Weave Living will open four new properties including three of them located in Hong Kong — and begin a new market in the world in the coming four months.