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Hong Kong-based Weave Living, a lifestyle-focused rental accommodation provider, is making its debut in Singapore with a planned investment of $500 million. It has found a partner in Singapore-based fund management firm 32RE.
Weave Living, a co-living rental accommodation provider backed by Warburg Pincus, is entering the Singapore market with a planned investment of S$500 million ($359 million) in a joint venture with property investment manager 32RE to acquire rental accommodation assets in the city-state.
A major player, Warburg Pincus-backed Weave which has two premises in Hong Kong and two more opening this year, said it’s sticking by its expansion target to have 3,000 beds in the next five to seven years, up from 700 now, and it’s looking at assets including boutique and budget hotels.
Weave’s goal is to create a living environment that extends beyond the bedroom into a series of common areas. As with the co-working spaces that have become popular with start-ups, freelancers and young entrepreneurs, the idea is to give residents an upscale lifestyle at relatively modest prices by sharing amenities such as a kitchen, screening room, lounge, gym and rooftop terrace
With locations in Prince Edward and Hung Hom, Weave Living offers value-for-money urban accommodation and a lively community for young professionals and millennials
Weave Living opens this new co-living community in the heart of Hung Hom, featuring a combination of private and shared spaces including a two-room types and a gym, reading corner, games centre and a fully equipped kitchen, with some areas enjoying majestic views of Victoria Harbour.
A Hong Kong-headquartered co-living firm that owns and operates over $300 million of assets in its home city is expanding its operations internationally with a S$150 million ($108.1 million) equity investment in Singapore.