HONG KONG, April 6, 2022 /PRNewswire/ -- WEAVE LIVING, Asia-Pacific's leading fully-integrated lifestyle rental accommodation provider, today announces the formation of a USD200 million joint venture with a global real estate asset manager to acquire its largest property to date in West Kowloon. Together with the acquisition of a row of conservation shophouses in Singapore in March 2022 and the Group's regional development plan, over the next 12 months WEAVE LIVING will double the number of units it owns and manages to over 1,500, with a Gross Asset Value of c. USD 1 billion.
The Hong Kong property acquired by the new JV is located at 86 Tai Kok Tsui Road (the existing Rosedale Hotel, Kowloon). The property, with a total gross floor area of approximately 111,000 square feet, was acquired at a transaction price of HKD1.375 billion, equivalent to HKD12,400 per square foot. WEAVE LIVING plans to undertake a comprehensive renovation of the property, including a reconfiguration of some of its 435 rooms, and transform the site into a well-appointed, stylish and flexible space for modern living. Targeted to open in mid-2023, this latest property will showcase the all-inclusive rental accommodation concept that has become synonymous with the WEAVE LIVING brand. Residents will have access to generously sized and well-equipped shared spaces that will span three levels and over 15,000 square feet, with communal spaces including an entire floor dedicated to work-from-home facilities, recreation areas, wellness spaces, state-of-the-art kitchens and designer living spaces, typifying the brand's dedication to creating communities of residents within each of its properties. The property will also feature a 4,000-square-foot rooftop terrace with mesmerising views of the Hong Kong skyline.
As an experienced and well-capitalised partner with a proven track record in delivering strong investment and operating outcomes, WEAVE LIVING will assume the roles of the asset manager, development manager and operator for the new JV and its assets. This transaction further solidifies the Group's position as a partner of choice for institutional capital looking to deepen its exposure to the living sector in Asia-Pacific.
Sachin Doshi, Founder and Group CEO of WEAVE LIVING said: "WEAVE LIVING is excited to announce the formation of this new joint venture with a leading global real estate asset manager as we continue to scale the WEAVE LIVING brand and our portfolio in a capital-efficient format with third-party institutional capital. This JV marks our second institutional joint venture, taking our AUM to c. USD 1 billion in less than five years since the Group's formation."
"The newly acquired property in West Kowloon is the largest in our portfolio to date. This flagship property will allow us to further showcase our concept of creating modern and hassle-free living spaces for a new generation of urbanites and professionals in large metropolitan cities. Alongside the nearby WEAVE STUDIOS – OLYMPIC, this new project will strengthen the WEAVE LIVING footprint in West Kowloon and create a strong sense of synergy and community across our properties. We also take pride in this building's LEED-Gold certification, a testament to our commitment to ESG and sustainable building principles."
WEAVE LIVING's latest acquisition follows the mid-March purchase of a row of conservation shophouses in the bustling Singapore district of Kampong Glam for USD56 million, its debut in the Lion City. The Group plans to expand its portfolio in Hong Kong, Singapore, and other key gateway markets in Asia Pacific over the next 12 months, further cementing its standing as the region's leading rental accommodation owner, developer, manager and operator.
About Weave Living
Founded in 2017 by Sachin Doshi as a response to the gap in the market for beautifully designed and professionally managed living options, WEAVE LIVING currently owns and operates rental accommodation units across the Asia-Pacific region under its three consumer brands — WEAVE STUDIOS, WEAVE SUITES and WEAVE RESIDENCES — catering to a broad and diverse demographic of urbanites and professionals in key gateway cities.
With its current pipeline of new openings in Hong Kong and Singapore over the next 12 months, WEAVE LIVING will grow its portfolio to c.1,500 units across 10 properties with a gross asset value of c. USD 1 billion.
Offering flexible lease terms and move-in-ready homes with all-inclusive prices for a streamlined, stress-free rental process, WEAVE LIVING's dedication to its residents and neighbourhood is matched by a commitment to the local community via frequent collaborations with artists, brands, and partners, which imbues each WEAVE location with a true sense of place.
Weave Living
Website: https://www.weave-living.com/en/hk/about
Instagram: @liveatweave
Facebook: @liveatweave
High-res image link: https://drive.google.com/drive/folders/1MdDiGbm_rmzaS_gIjygs3BSxEbJAHtNl?usp=sharing
