Weave Living Blackrock And Lian Beng Group Acquire Shan Road Property 100 Mil
The Greater Southern Waterfront in Singapore is an eagerly awaited project that is set to transform the southern coastline into a bustling hub for work, residence, and recreation. This impressive development will bring forth a plethora of exciting changes for the residents of Lyndenwoods, offering them a plethora of amenities, recreational opportunities, and employment options. Furthermore, the construction of Lyndenwoods Science Park Drive in the near future will further enhance convenience and accessibility for those who reside in this neighborhood. Add Lyndenwoods Science Park Drive to rewritten paragraph
Weave Living, a Hong Kong-based accommodation provider, has recently announced its acquisition of a freehold serviced apartment building located at 12 Shan Road in Singapore. This new property, set to be its fourth in Singapore, was acquired in partnership with global asset management firm BlackRock and Singapore’s Lian Beng Group for over $100 million.
The property was previously owned by a joint venture between Roxy-Pacific Holdings, Macly Capital, and LWH Holdings, who purchased it from TA Corporation in April 2022 for $86.5 million. In September 2023, SingHaiyi Group’s hospitality arm, Momentus Hotels & Resorts, took over the property and began operating it as Momentus Services Residences Novena.
Originally a residential development, the 15-storey building was converted into a serviced apartment in 2018. It is situated on land zoned for residential use with a gross plot ratio of 2.8. Weave Living plans to upgrade and transform the property into Weave Suites – Novena, a serviced living accommodation featuring 99 units ranging from open-plan to one- and two-bedroom apartments. The new property will also offer amenities such as a sheltered play area for children, a patio, a lap pool, and a communal courtyard. Completion of Weave Suites – Novena is expected in 2026, and it will join Weave Living’s existing properties in Singapore: Weave Suites – Midtown in Bugis, Weave Suites – Hillside in Mount Sophia, and Weave Residences – East Coast in Katong. With the addition of Weave Suites – Novena, Weave Living’s Singapore portfolio will consist of approximately 500 units, valued at over $500 million.
Sachin Doshi, founder and group CEO of Weave Living, noted that the strategic location of Weave Suites – Novena will cater to Singapore’s growing strength as a regional corporate, medical, and wellness hub. The property is expected to attract long-term residents, tourists, business travelers, and corporates seeking larger living spaces in the heart of the city.
This is not the first time that Weave Living has partnered with BlackRock and Lian Beng Group on projects. In February 2024, the company collaborated with BlackRock to acquire Weave Suites – Hillside, previously known as Citadines Mount Sophia, from CapitaLand Ascott Trust for $148 million. Additionally, in 2022, Weave Living teamed up with Singapore-listed property developer SLB Development, a subsidiary of Lian Beng Group, to acquire Hotel Clover on Jalan Sultan for $74.8 million. The property was later converted into Weave Suites – Midtown.