Hotel Clover in Jalan Sultan, purchased by Weave and SLB for $74.8 million (Photo: SLB Development)
SINGAPORE (EDGEPROP) – Singapore-listed property developer SLB Development Ltd. today announced that it will acquire the 17 commercial properties currently operating as Hotel Clover in Jalan Sultan for $74.8 million in partnership with Weave Living. Weave Living, which holds a significant majority stake, will be responsible for the redevelopment and repositioning of the hotel into serviced apartments, as well as the day-to-day operations and management of this asset.
See also: Weave Co-Living from Hong Kong invests $500 million in Singapore through joint venture
The 2-storey building no. 17 to 33 Jalan Sultan The total floor area is 15,201 square feet and the gross floor area is 35,000 square feet. This property, consisting of 17 contiguous commercial buildings, has a lease term of 99 years from April 2008. (Check all current property transactions in Singapore)
“We are excited to expand our revenue streams into the residential real estate segment through our partnership with Weave Living,” said Matthew Ong, CEO and Managing Director of SLB Development.
Ong: We are excited to expand our revenue streams into the residential segment through our partnership with Weave Living (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SLB Development is a diversified property developer covering various asset classes. In 2019, SLB established a fund management business in partnership with experienced industry veterans, aimed at actively pursuing investment opportunities in real estate funds and various segments of the real estate value chain. SLB Development’s shares closed at 12 cents on March 11.
Weave Living intends to invest $4 million to $5 million to renovate the row of heritage shophouses into fully furnished rental apartments, with a mix of single and double serviced suites, including several loft units with exclusive green terraces and kitchenettes. Common spaces include a dining area, living room, kitchen, gym, yoga studio and workspaces. The property, which will be renamed Weave Suites, is scheduled to reopen early next year.
“With our first acquisition in Singapore, Weave Living is excited to create 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 life,” says Sachin Doshi, Founder and CEO of Weave Living.
Doshi: With our first acquisition in Singapore, Weave Living is excited to create 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 life (Photo: Weave Living)
Founded by Doshi in 2017, Weave Living currently owns and operates 678 rental properties in Hong Kong under three brands: Weave Studios, Weave Suites and Weave Residenes. There are four properties under the Weave Studios brand located in prime locations in Kowloon, while Weave Suites opened in Sai Ying Pun in February 2021 with 83 fully furnished, modern serviced suites. In August 2021, Weave Residencs opened in the upscale Mid-Levels enclave with 48 conventional, standalone apartment buildings.
Including the new property in Singapore, Weave Living’s pipeline of new openings will grow to around 1,500 units across 10 properties over the next 12 months.
Check out the latest offers near Hotel Clover in Jalan Sultan.
See also:
