Weave Confirms $77M Singapore Apartment Acquisition with BlackRock, Lian Beng

Weave Living has confirmed the acquisition of an apartment complex in Singapore through a partnership with a BlackRock fund and local developer Lian Beng Group.

The partners paid more than S$100 million ($77.4 million) to acquire Momentus Serviced Residences Novena from a consortium led by SGX-listed Roxy-Pacific Holdings, confirming earlier reporting by Mingtiandi.

The deal for the freehold tower marks the latest expansion of Weave’s regional portfolio and its second tie-up with BlackRock in Singapore as the world’s largest asset manager seeks to expand its living sector holdings in one of Asia’s most prosperous cities.

“We remain highly confident in Singapore’s living and lodging sector and have been actively investing in the last 18 months,” Andrew Lee, head of investments for Blackrock in Singapore said in a statement.

The transaction was announced just days after Lee, appearing at a Mingtiandi event in the city-state, pointed to a generational opportunity to execute on value-add rental housing strategies in Singapore, “We really are seeing this as an opportunity to buy assets that are hard to to replicate, that are irreplaceable in good locations, and that when we buy them, we reposition them,” Lee said at a Mingtiandi forum on 13 May.

Upgrades on the Way

Having acquired the 15-storey property, Weave and its partners have renamed the project Weave Suites – Novena and see the opportunity to better leverage the 12 Shan Road building’s proximity to the Health City Novena medical cluster and other commercial hubs through improvements to the property.

“The strategic location of Weave Suites – Novena opens up a unique opportunity to cater to Singapore’s growing strength as a regional corporate, medical and wellness hub, and we expect to attract long-term residents, tourists, business travellers and corporates who value larger formats and being in the heart of it all,” said Sachin Doshi, founder and group CEO of Weave Living. “With a strong pipeline and growing assets under management, we remain committed to redefining urban living across Asia-Pacific.”

Through an asset enhancement initiative, the partners aim to create a 99-unit, fully serviced facility with amenities including a sheltered play area for children, patio, wellness facilities, a lap pool and a communal courtyard. The property will also provide housekeeping, on-site maintenance and security.

At the current room count the transaction works out to S$1.3 million per key, or just over S$1 million per key following the renovation. Weave expects to open the doors to the renewed facility in 2026.

“We are delighted to acquire this rare freehold serviced apartment in the vibrant Novena area,” Lee added. “With a higher proportion of two-bedroom units, the property will be fully upgraded and rebranded as Weave Suites, offering unique lifestyle and wellness amenities tailored for guests and families seeking larger-format accommodations.”

Together Again in Singapore

The acquisition follows just over three months after Weave opened its second and third locations in Singapore, a 175-unit facility on Mount Sophia near Orchard Road and a 93-building in the East Coast’s Katong area.

Weave had teamed up with BlackRock to purchase what was then known as Citadines Mount Sophia from CapitaLand Ascott Trust in February last year for S$148 million.

The rental housing provider also has previous experience with Lian Beng in Singapore, having partnered with the company’s SGX-listed SLB Development division for its first acquisition in the city-state, the 2022 purchase of a hotel on Jalan Sultan which has since been converted into Weave Suites – Midtown.

Upon completion of this latest project Weave says it will have increased its offering in Singapore to around 500 units in a portfolio valued at over S$500 million.