Weave Reunites With BlackRock to Buy Singapore Apartment Complex for $77M

Weave Living has teamed up for a second time with asset management titan BlackRock to acquire a Singapore serviced apartment building for around S$100 million ($77.4 million), market sources confirmed to Mingtiandi on Thursday.

The partners are acquiring the 78-unit Momentus Serviced Residences Novena from a consortium led by developer Roxy-Pacific Holdings. The 15-storey apartment block at 12 Shan Road opened in 2023 under Momentus, a hospitality brand of Gordon and Celine Tang’s Chip Eng Seng Group.

In February, Warburg Pincus-backed Weave opened two properties in Singapore, expanding the regional platform’s Lion City portfolio to three locations with a total of 330 units. The company led by entrepreneur Sachin Doshi had acquired one of the two properties, Weave Suites Hillside, for S$148 million in early 2024 through a joint venture with a BlackRock fund.

The latest deal marks BlackRock’s third acquisition in Singapore’s rental residential market in a little over a year. Mingtiandi reported earlier this month that the Manhattan-based firm had joined forces with Malaysia’s YTL Corp to acquire Citadines Raffles Place, the residential element of downtown Singapore’s CapitaSpring building, in a S$280 million deal.

Momentus Event

The transaction price for the 2018-vintage Momentus Novena translates to nearly S$1.3 million ($1 million) per key, with units ranging in size from 37 to 60 square metres (398 to 646 square feet) for a minimum six-night stay. BlackRock’s involvement in the deal was first reported Wednesday by the Business Times. In response to inquiries from Mingtiandi on Thursday, Weave representatives declined to comment on what they termed market rumours.

The acquisition chalks up another local win for Hong Kong-based Weave, which opened its first Singapore location, Weave Suites Midtown, in March 2023 and rapidly leased out the 65-unit set of former shophouses in Kampong Glam.

Three months ago the operator launched Weave Suites Hillside, offering 175 premium units in the Orchard Road area’s Mount Sophia enclave, and Weave Residences East Coast in the Katong neighbourhood, accepting bookings for its 93 luxury units.

Founded in 2017, Weave owns and operates 3,000 rental units across Hong Kong, Tokyo, Seoul and Singapore.

In March of last year, Weave announced that it had secured private equity giant KKR as a capital partner for the regional apartment operator’s first investments in South Korea. The 98-unit Weave Place Hoegi opened in August in Seoul’s Dongdaemun area, and the 157-unit Weave Suites Sunyu Parkside debuted in December in the capital’s Yeouido business district.

The company re-teamed with KKR in November on a multi-family programme aimed at assembling a portfolio of more than 3,000 units in Japan. The venture is seeded with 11 new properties in Tokyo, comprising 439 units acquired by Weave over a 12-month period.

Raffles Place Trophy

BlackRock and YTL are picking up the 299-unit Citadines Raffles Place from a joint venture of Temasek-owned CapitaLand Development, SGX-listed CapitaLand Integrated Commercial Trust and Japanese giant Mitsubishi Estate, with the deal expected to close during this quarter.

Mingtiandi reported last August that talks between BlackRock and the serviced residence’s owners had entered the final stages. Sources this month indicated that the deal’s progress was slowed by questions over permissions and licensing, as the world’s largest asset manager may be keen to convert Citadines Raffles Place into a hotel.

Operated by CapitaLand’s The Ascott residential division, Citadines Raffles Place occupies floors nine to 16 of the 51-storey CapitaSpring tower. The new owners are acquiring the property at the equivalent of S$936,455 per key for the 299 units ranging in size from 20 to 60 square metres (215 to 646 square feet).