Warburg Pincus-backed Weave Living has launched the latest location for its Weave Studios line in western Hong Kong island’s Sai Ying Pun area, marking its tenth location across Asia Pacific as the rental housing investor and operator continues to expand in the region.
The 214-unit Weave Studios – Sai Ying Pun offers homes spanning from 152 to 318 square feet (14 to 30 square metres) in a residential area which has been gaining in popularity with university students and young professionals since the Sai Ying Pun MTR station was opened in 2015.
“We are excited with the launch of our fourth property on Hong Kong Island, giving all three of our sub-brands, Weave Residences, Weave Suites, and Weave Studios, a presence in this commanding location,” Weave Founding and Group CEO Sachin Doshi was quoted in a LinkedIn announcement Wednesday.
The launch comes over a year after Weave announced plans to purchase the 32-story Grand City Hotel from Shun Ho Holdings and Shun Ho Property Investments through a joint venture with Angelo Gordon for HK$900 million ($115 million).
Betting on Sai Ying Pun
The hotel has since been converted into what is now Weave Studios. Within three minutes’ walk of Sai Ying Pung MTR at 338 Queen’s Road West, the 60,150 square foot property features a game lounge, an outdoor terrace, workspaces, a gym, and “exhilarating views of Victoria Harbour to the north and lush mountain scenery to the south.”
“Our newest offering takes residents out of the hustle and bustle that Hong Kong Island is usually associated with, placing them instead in an environment that promotes wellness and cultural immersion,” Doshi said.
The project is 12 minutes away from the University of Hong Kong’s Pok Fu Lam campus in an area where storefronts still feature displays of dried fish and High Street pubs offer craft beer to hipsters. Situated near the intersection of Queen’s Road and Western Street, the project is two MTR stations from Central’s office hub.
In December of last year Hong Kong-listed developer CK Asset paid HK$1.16 billion to acquire a site on Queen’s Road West in Sai Ying Pun, which is expected to yield 290 apartments. That followed Far East Consortium’s August purchase of a site along Des Voeux Road West in Sai Ying Pun for HK$1.24 billion, which will also be developed for residential purposes.
Property listing site OneDay shows rental rates for homes in Sai Ying Pun averaging around HK$55 per square foot per month as of August this year, cheaper than other areas in Western District such as Kennedy Town, where rents average HK$63 per square foot and Shek Tong Tsui where rates are around HK$59 per square foot.
At Weave Studios in Sai Ying Pun, monthly rates range from HK$15,120 to HK$31,800 under its early bird promotion. The property also offers short-term stays starting at HK$619 per night for up to six nights a month.
Weave Studios – Sai Ying Pun is the company’s second property acquired under its $200-million joint venture established with Angelo Gordon in 2021, with the US fund manager holding a majority stake in the strategy.
Weave, which has a minority interest in the venture, acts as the asset, development, and operation manager of the properties – the partnership also bought a project in Kowloon’s Kai Tak area two years ago for HK$ 390 million.
Aside from its locations in Sai Ying Pun and Kai Tak, Weave has studio locations in Kowloon West, Olympic, Hung Hom, and Prince Edward.
Branches of the company’s Weave Residences, which offer larger homes for families, are located along Robinson Road and Hospital Road while it has an existing location in Sai Ying Pun under its mid-sized Weave Suites brand.
In March, Weave opened its first location in Singapore near Bugis MRT station with the launch of its 65-unit Weave Suites – Midtown. The project – a row of 17 shophouses along Jalan Sultan turned into residential spaces – was acquired and repositioned through a joint venture with SGX-listed builder SLB Development.
Doshi told Mingtiandi last year that the company also aims to enter the Australian market as well as Japan. In April, Weave tapped former Allianz Real Estate Japan country head Daisuke Noguchi to lead its entry into Asia’s second-largest economy.