{"id":9314,"date":"2022-05-11T08:14:00","date_gmt":"2022-05-11T08:14:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3753866_AE53866_0"},"modified":"2022-05-11T08:14:00","modified_gmt":"2022-05-11T08:14:00","slug":"weave-living-grows-hong-kong-island-footprint-with-new-central-western-district-property","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=9314","title":{"rendered":"WEAVE LIVING GROWS HONG KONG ISLAND FOOTPRINT WITH NEW CENTRAL & WESTERN DISTRICT PROPERTY"},"content":{"rendered":"

Purchased for HKD900 Million<\/span>, the former Grand City Hotel will be transformed into the <\/i>first WEAVE STUDIOS on Hong Kong Island<\/span>.<\/i><\/p>\n

HONG KONG<\/span>, May 11, 2022<\/span> \/PRNewswire\/ — WEAVE LIVING, Asia-Pacific’s<\/span> leading fully-integrated lifestyle rental accommodation provider, today announces the acquisition of an en-bloc property located at 338\u2013346 Queen’s Road West in Sai Ying Pun for HKD900 million<\/span> (USD115 million<\/span>). This latest purchase is the third acquisition by WEAVE LIVING in 2022, and expands the Group’s portfolio to nine properties across Hong Kong<\/span> and Singapore<\/span>. <\/p>\n

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This acquisition further strengthens WEAVE LIVING’s partnership with Angelo Gordon<\/span>, a global, privately held investment firm which manages a broad range of real estate strategies across the U.S., Europe<\/span> and Asia<\/span>. The partners’ first joint venture property, WEAVE STUDIOS \u2013 KAI TAK<\/span>, opened in mid-February 2022<\/span>, and has achieved 75% occupancy within two months. The expansion of the JV with Angelo Gordon<\/span> 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<\/span>, and will help to further accelerate the Group’s expansion. With this acquisition, WEAVE LIVING’s JV with Angelo Gordon<\/span> has grown to a gross asset value of more than USD220 million<\/span> over the last six months. <\/p>\n

Sachin Doshi<\/span>, 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<\/span> key gateway cities in the coming months. This new property will further enhance our multi-brand offering on Hong Kong Island<\/span>, 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<\/span>, 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.” <\/p>\n

This core Hong Kong Island<\/span> property, with a total gross floor area of 60,150 square feet, was acquired for HKD900 million<\/span>, equivalent to HKD14,960<\/span> 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 \u2014 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. <\/p>\n

The property, which is targeting to welcome its first residents in Q3 2023, marks the third WEAVE LIVING location in Hong Kong’s<\/span> Central and Western District. Together with WEAVE SUITES \u2013 CENTRAL WEST and WEAVE RESIDENCES \u2013 MID-LEVELS, the Queens Road West property will further strengthen the Group’s offerings in this highly desirable residential enclave.<\/p>\n

This latest acquisition closely follows the purchase of a row of conservation shophouses in the bustling Singapore<\/span> district of Kampong Glam in March, and another en-bloc property in West Kowloon<\/span> in April 2022<\/span> 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<\/span>, Singapore<\/span>, and other key gateway markets in Asia-Pacific<\/span>, further cementing its standing as the region’s leading integrated rental accommodation owner, developer, manager and operator. <\/p>\n

High-res images link: <\/i>https:\/\/drive.google.com\/drive\/folders\/1gqYcVf_igqDfUYvT8Q7sYzA8ApSUAgCf?usp=sharing<\/a><\/i><\/span> <\/i> <\/p>\n

About Weave Living
<\/u><\/b>Founded in 2017 by Sachin Doshi<\/span> 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<\/span> region under its three consumer brands \u2014 WEAVE STUDIOS, WEAVE SUITES and WEAVE RESIDENCES \u2014 catering to a broad and diverse demographic of urbanites and professionals in key gateway cities.<\/p>\n

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. <\/p>\n

Weave Living
<\/u><\/b>Website: https:\/\/www.weave-living.com\/en\/hk\/about<\/a> 
Instagram: @liveatweave
Facebook: @liveatweave<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2013346 Queen’s Road West in Sai Ying Pun […]<\/p>\n","protected":false},"author":8,"featured_media":9315,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-9314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"\nWEAVE LIVING GROWS HONG KONG ISLAND FOOTPRINT WITH NEW CENTRAL & WESTERN DISTRICT PROPERTY - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=9314\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WEAVE LIVING GROWS HONG KONG ISLAND FOOTPRINT WITH NEW CENTRAL & WESTERN DISTRICT PROPERTY - My Blog\" \/>\n<meta property=\"og:description\" content=\"Purchased for HKD900 Million, the former Grand City Hotel will be transformed into the first WEAVE STUDIOS on Hong Kong Island. 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