[UPDATE] SLB and Weave Living jointly acquire hotel in Jalan Sultan for $74.8 million

SINGAPORE (EDGEPROP) - Singapore-listed property developer SLB Development Ltd. announced today that in partnership with Weave Living, it will jointly acquire the 17 shophouses currently operating as Hotel Clover in Jalan Sultan for $74.8 million. Weave Living, with significant majority ownership, will be responsible for the redesigning and re-positioning of the hotel into serviced apartments, and for the day-to-day operations and management of this asset.

The 2-storey property at No. 17 to 33 Jalan Sultan has a total land area of 15,201 sq ft and a total gross floor area of 35,000 sq ft. This property comprising of 17 adjourning shophouses has a 99-year leasehold tenure starting April 2008. (Check all latest property transactions in Singapore)

“We are pleased to diversify our income stream into the ‘living sectors’ segment through our partnership with Weave Living,” says Matthew Ong, CEO and executive director of SLB Development.

SLB Development is a diversified property developer across the different asset classes. In 2019, SLB established a fund management business in partnership with experienced industry veterans, which aims to actively pursue investment opportunities in real estate funds and various segments of the real estate value chain. Shares in SLB Development closed at 12 cents on March 11.

Weave Living intends to invest $4 million to $5 million on refurbishing the row of conservation shophouses into fully-furnished rental accommodation, with a mix of single- and dual-occupancy serviced suites, including several loft units with exclusive green terraces and kitchenettes. Shared spaces will include a dining area, living room, kitchen, gym, yoga studio and workspaces. The property, which will be rebranded as Weave Suites is scheduled to reopen by early next year.

"With our first acquisition in Singapore, Weave Living is excited to curate a brand-new living experience for global citizens and professionals that combines style, comfort, and convenience, to complement the energy and vitality of modern city living," says Sachin Doshi, founder and CEO of Weave Living.

Founded in 2017 by Doshi, Weave Living currently owns and operates 678 rental accommodation units in Hong Kong under three brands: Weave Studios, Weave Suites and Weave Residenes. There are four properties under the Weave Studios brand that are located in prime locations in Kowloon, while Weave Suites debuted in February 2021 at Sai Ying Pun, with 83 fully furnished, contemporary sserviced suites. August 2021 marked the opening of Weave Residencs in the upmarket Mid-Levels enclave, with 48 conventional self-contained multi-family homes.

Including the new property in Singapore, the future pipeline of new openings of Weave Living over the next 12 months will grow to around 1,500 units across 10 properties.