Weave Suites – Midtown, a 65-key serviced apartment property in Kampong Glam, is being marketed at $95 million, or some $1.46 million per key.
This is down from an asking price of $105 million, jointly marketed by CBRE and Savills in July 2025.
Housed in 17 contiguous conservation shophouses at 33 Jalan Sultan, the property presents material value-add potential through plans to convert underutilised retail units and existing spaces into 40 capsule pods, as approved by the Urban Redevelopment Authority (URA).
Alternatively, investors can opt to convert these spaces into 17 additional guest suites, subject to URA approval, says exclusive marketing agent JLL.
The property is being marketed on behalf of Hong Kong-based Weave Living, which operates over 400 keys across Singapore including the 175-key Weave Suites – Hillside, 99-key Weave Suites – Novena and 93-key Weave Residences – East Coast.
The transaction will enable the operator to recycle capital across its Asia-Pacific portfolio, which manages over US$4 billion in assets across Japan, Hong Kong, South Korea, Singapore and Australia.
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Weave Suites – Midtown opened in March 2023 as Weave Living’s first foray into Singapore. The company had acquired the former Clover Hotel for $74.8 million in an 80:20 joint venture with property developer SLB Development.
The government announced in June new planning guidelines that now allow greater flexibility for hotels, backpacker hostels and serviced apartments within two heritage precincts at Upper Circular Road and Beach Road.
“This policy direction positions existing conservation properties with expansion plans as first-mover opportunities ahead of new supply entering the market,” says JLL on July 14. “The property’s established operations and expansion potential in inventory provide an immediate pathway to enhanced revenue generation without the extended development timelines facing new entrants to the precinct.”
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Singapore’s mid-market hospitality segment has become “highly strategic” for investors prioritising intrinsic asset quality and long-term capital preservation, Tan Ling Wei, executive vice president, investment sales, Asia Pacific, JLL Hotels & Hospitality Group.
Singapore’s hospitality sector continues to attract significant investment capital, with total transaction volume for 2026 projected to surpass $1 billion, adds Tan. “Strong market confidence is evident in prominent transactions this year, including the $43.5 million sale of the Punggol Digital District hotel and the $101 million acquisition of Park Avenue Changi, both converted to co-living products. This momentum is underpinned by an accommodative interest rate environment and strong lodging fundamentals.”
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