Weave Suites – Midtown, a serviced apartment at 33 Jalan Sultan, is up for sale again at a lower price. The 65-key property, housed in 17 contiguous conservation shophouses in the Kampong Glam area, is on the market for $95 million ($1.46 million per key), according to a July 14 press release by JLL.

The price is $10 million lower than the property’s asking price a year ago. In July 2025, its owner, Hong Kong-based accommodation provider Weave Living, launched the property for sale at $105 million ($1.62 million per key).

Weave Living had originally acquired the Jalan Sultan property — previously known as Hotel Clover — for $74.8 million in 2022 through an 80:20 joint venture with Singapore property developer SLB Development. The acquisition marked Weave Living’s first foray into Singapore.

Read also: Weave Living to open 99-key Weave Suites - Novena on April 15

The property offers “material value-add potential through plans to convert underutilised retail units and existing spaces into 40 capsule pods, as approved by URA”, said JLL. The firm added that investors could alternatively convert these spaces into 17 additional guest suites, subject to URA approval.

The property’s appeal is bolstered by URA’s recent policy shift allowing new short-term accommodation in the Upper Circular Road and Beach Road areas. “This policy direction positions existing conservation properties with expansion plans as first-mover opportunities ahead of new supply entering the market,” JLL highlighted.

Tang Ling Wei, executive vice president of investment sales for Asia Pacific at JLL Hotels & Hospitality Group, observed that Singapore’s hospitality sector continues to attract significant investment capital, amid accommodative interest rates and “strong lodging fundamentals”. JLL projects the sector to log over $1 billion in transactions this year.