Purchased for HKD900 Million, the former Grand City Hotel will be transformed into the first WEAVE STUDIOS on Hong Kong Island.
HONG KONG, May 11, 2022 /PRNewswire/ -- WEAVE LIVING, Asia-Pacific's leading fully-integrated lifestyle rental accommodation provider, today announces the acquisition of an en-bloc property located at 338–346 Queen's Road West in Sai Ying Pun for HKD900 million (USD115 million). This latest purchase is the third acquisition by WEAVE LIVING in 2022, and expands the Group's portfolio to nine properties across Hong Kong and Singapore.
This acquisition further strengthens WEAVE LIVING's partnership with Angelo Gordon, a global, privately held investment firm which manages a broad range of real estate strategies across the U.S., Europe and Asia. The partners' first joint venture property, WEAVE STUDIOS – KAI TAK, opened in mid-February 2022, and has achieved 75% occupancy within two months. The expansion of the JV with Angelo Gordon underlines WEAVE LIVING's strong investment, asset management and operational capabilities in delivering superior returns to institutional investors seeking exposure to the multi-family residential asset class in Asia-Pacific, and will help to further accelerate the Group's expansion. With this acquisition, WEAVE LIVING's JV with Angelo Gordon has grown to a gross asset value of more than USD220 million over the last six months.
Sachin Doshi, Founder and Group CEO of WEAVE LIVING, said: "We are excited to have successfully acquired another property for WEAVE LIVING, and look forward to continuing our expansion across Asia-Pacific's key gateway cities in the coming months. This new property will further enhance our multi-brand offering on Hong Kong Island, which aligns with our commitment to offer a diversified, flexible rental solution across our Weave Residences, Weave Suites and Weave Studios brands to discerning global citizens at different stages in life. This property, which saw a repeat investment from Angelo Gordon, also demonstrates the strong institutional support WEAVE LIVING continues to enjoy in our mission of providing hassle-free city living solutions to residents in the region's main cities."
This core Hong Kong Island property, with a total gross floor area of 60,150 square feet, was acquired for HKD900 million, equivalent to HKD14,960 per square foot. WEAVE LIVING plans to undertake a comprehensive renovation of the property, transforming its 214 rooms into well-appointed, beautifully designed and flexible spaces for modern living that are synonymous with the WEAVE LIVING brand. The Sai Ying Pun location will also showcase the all-inclusive rental accommodation concept for which WEAVE LIVING is famous — as with other properties in the Group's portfolio, residents will have access to generously sized and well-equipped shared spaces that include work-from-home facilities, recreation and wellness areas, 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, which is targeting to welcome its first residents in Q3 2023, marks the third WEAVE LIVING location in Hong Kong's Central and Western District. Together with WEAVE SUITES – CENTRAL WEST and WEAVE RESIDENCES – MID-LEVELS, the Queens Road West property will further strengthen the Group's offerings in this highly desirable residential enclave.
This latest acquisition closely follows the purchase of a row of conservation shophouses in the bustling Singapore district of Kampong Glam in March, and another en-bloc property in West Kowloon in April 2022 in joint venture with a global real estate asset manager. Over the next 12 months, WEAVE LIVING plans to expand its portfolio in Hong Kong, Singapore, and other key gateway markets in Asia-Pacific, further cementing its standing as the region's leading integrated rental accommodation owner, developer, manager and operator.
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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.
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
