Hong Kong-headquartered rental accommodation operator Weave Living has announced a partnership with Nuveen to acquire an en bloc property in Gwanghuidong, Jung-gu, Seoul for an investment value of KRW22.5 billion ($19.7 million). Weave Living did not share more details of the partnership.
The property will be converted into a 62-unit Weave Suites — the company’s signature serviced apartment brand. Scheduled to open in January 2027, the development will feature fully-furnished units, says Weave Living in a May 6 announcement.
As with all Weave Living properties, residents will have access to premium shared amenities including laundry facilities, co-working spaces, meeting areas, gym and wellness facilities, on-site retail options and on-site parking.
The property is located within Seoul’s traditional Central Business District and is a one-minute walk from Dongdaemun History & Culture Park Station. The neighbourhood houses major conglomerates including SK, Hanwha, Doosan, CJ and Shinsegae, as well as leading financial institutions such as Shinhan, Hana, Mirae Asset and IBK.
It is also adjacent to the Dongdaemun Design Plaza (DDP), eastern downtown Seoul’s premier creative and commercial landmark.
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The development is also within close reach of two prestigious institutions — Dongguk University and Hanyang University — which together host over 6,000 international students annually and attract foreign academics to Seoul.
The transaction marks Weave Living’s fifth project in the South Korean capital since entering the market in March 2024.
The latest partnership builds on the successful launch of four earlier Seoul projects: Weave Suites — Sunyu Parkside in Yeongdeungpo with close proximity to the Yeouido financial hub (YBD); Weave Place — Hoegi, Weave Place — Gangnam Station, and Weave Studios — Dongdaemun East.
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It also follows the establishment of a KRW635 billion rental housing venture in South Korea alongside a global institutional investor announced in October 2025. Weave Living Korea Rental Housing Venture I is a dedicated core-plus vehicle, and market sources have identified Singapore’s GIC as Weave’s capital partner in the venture.
Weave says it “expects to announce multiple new acquisitions in Seoul in the coming months through this and other initiatives”.
Sachin Doshi, founder and CEO of Weave Living, says: “Partnering with Nuveen — one of the world’s largest and most respected investment managers — is a powerful validation of Weave’s strong track record and strengthening leadership position in Korea’s rental housing sector. This project specifically targets the widening supply-demand gap for high-quality, design-led rental homes that cater to the city’s expanding international talent pool.”
Nuveen is the US$1.4 trillion ($1.8 trillion) investment management arm of TIAA, a US-headquartered private provider of financial retirement services in the academic, research, medical, cultural and governmental fields.
Louise Kavanagh, chief investment officer and head of Asia Pacific real estate at Nuveen, says: “This investment reflects our conviction in the structural case for the living sector and Seoul exemplifies many of the powerful demand drivers we see across Asia Pacific.”
She adds: “South Korea is undergoing a meaningful shift in its residential market, with monthly rental transactions growing by 15% y-o-y in 2025 as the traditional jeonse system gradually gives way to more conventional rental arrangements. This evolution is creating new opportunities for institutional-quality, purpose-built living products — precisely the kind of asset that Weave Living specialises in delivering.”
In a blog post by Weave Living, jeonse is defined as a unique rental model where tenants pay a large lump-sum deposit instead of monthly rent.
Instead of paying rent monthly, tenants provide a substantial deposit, often 50%-80% of the property’s market value. During the lease, tenants only pay maintenance fees. At the end of the contract, the landlord must return the full deposit.
Since its founding in 2017, Weave has grown to offer six living options: luxury homes in Weave Residences, serviced apartments in Weave Suites, furnished apartments in Weave Place, unfurnished apartments in Weave Base, co-living studios in Weave Studios and student housing in Weave Campus.
Weave owns and manages residential properties in Hong Kong, Singapore, Japan, South Korea and Australia, with 54 properties across the Asia-Pacific region.
Photo: Weave Living
