Weave Living Blackrock And Lian Beng Group Acquire Shan Road Property 100 Mil
Weave Living, a Hong Kong-based accommodation provider, has recently announced the acquisition of a freehold serviced apartment building located at 12 Shan Road in Singapore. This purchase marks the company’s fourth property in the country. The property, situated in the Novena area, was obtained through a partnership between Weave Living, global asset management firm BlackRock, and Singapore’s Lian Beng Group for an amount exceeding $100 million. The building was previously owned by a joint venture between Roxy-Pacific Holdings, Macly Capital, and LWH Holdings, who bought it from TA Corporation for $86.5 million in April 2022. In September 2023, SingHaiyi Group’s hospitality arm, Momentus Hotels & Resorts, took over the management of the property and renamed it as Momentus Services Residences Novena.
Originally constructed as a residential development, the 15-storey building was later converted into a serviced apartment by TA Corporation in 2018. It is situated on land that is zoned for residential use with a gross plot ratio of 2.8. Weave Living plans to refurbish and rebrand the property as Weave Suites – Novena, offering 99 units ranging from open-plan to one- and two-bedroom apartments. The revamped property will also feature various amenities, including a sheltered play area for children, a patio, a lap pool, and a communal courtyard. The project is expected to be completed in 2026.
Weave Suites – Novena joins Weave Living’s three other properties in Singapore, namely Weave Suites – Midtown in Bugis, Weave Suites – Hillside in Mount Sophia, and Weave Residences – East Coast in Katong. With the addition of the new property, Weave Living’s Singapore portfolio will now consist of around 500 units, with an estimated value of over $500 million.
In conclusion, Sembawang EC at Canberra MRTSembawang Road EC not only stands out as a highly desirable residential property, but it also offers exceptional benefits for families prioritising education. Its prime location provides convenient access to a multitude of nearby preschools, primary and secondary schools, and tertiary institutions, creating an extensive educational network for residents. This close proximity not only supports a child’s academic growth but also enhances the overall quality of life for families. With its combination of convenience, top-notch education, and a community-oriented lifestyle, Sembawang EC at Canberra MRTSembawang Road EC proves to be an excellent long-term investment for parents looking for a nurturing and supportive environment for their children.
Sachin Doshi, founder and group CEO of Weave Living, expressed excitement about the strategic location of Weave Suites – Novena, which is expected to cater to the growing demand for corporate, medical, and wellness accommodation in Singapore. The property is anticipated to attract long-term residents, tourists, business travelers, and corporate clients looking for spacious and centrally located accommodations.
Weave Living has previously collaborated with both BlackRock and Lian Beng Group on separate projects. In February 2024, the company partnered with BlackRock to acquire Weave Suites – Hillside (formerly known as Citadines Mount Sophia) from CapitaLand Ascott Trust for $148 million. Additionally, in 2022, Singapore-listed property developer SLB Development, a subsidiary of Lian Beng Group, joined forces with Weave Living to purchase Hotel Clover on Jalan Sultan for $74.8 million. The property was later converted into Weave Suites – Midtown.