Singapore: Hong Kong-based rental accommodation provider Weave Living has acquired a freehold serviced apartment building at 12 Shan Road in Novena, Singapore, in partnership with BlackRock and Lian Beng Group.
The property, currently operating as Momentus Serviced Residences Novena, was purchased for over S$100 million (£61 million) from a consortium led by Roxy-Pacific Holdings. It marks Weave’s fourth asset in Singapore and will be renamed Weave Suites – Novena.
Originally completed in 2018, the 99-unit, 15-storey tower began operations as a serviced apartment in 2023 after conversion from a residential building by TA Corporation.
Weave said it plans to fully upgrade the property by 2026. It will offer a mix of open-plan, one- and two-bedroom apartments, along with amenities including a lap pool, sheltered play area, courtyard and wellness facilities. Services will include housekeeping, on-site maintenance and security.
The acquisition continues Weave’s existing partnerships with both BlackRock and Lian Beng in Singapore. In 2024, Weave and BlackRock acquired Weave Suites – Hillside for S$148 million (£89 million). In 2022, Weave partnered with Lian Beng subsidiary SLB Development to purchase Hotel Clover, now Weave Suites – Midtown.
Following the completion of Weave Suites – Novena, the company’s Singapore portfolio will total around 500 units across four properties, valued at more than S$500 million (£305 million).
Sachin Doshi, founder and group CEO of Weave Living, said: “The strategic location of Weave Suites – Novena opens up a unique opportunity to cater to Singapore’s growing strength as a regional corporate, medical and wellness hub, and we expect to attract long-term residents, tourists, business travellers and corporates who value larger formats and being in the heart of it all. With a strong pipeline and growing assets under management, we remain committed to redefining urban living across Asia-Pacific.”
Andrew Lee, head of investments for Singapore at BlackRock, said: “We remain highly confident in Singapore’s living and lodging sector and have been actively investing in the last 18 months.”
Highlights:
• Weave Living has acquired the Momentus Serviced Residences Novena building for S$100 million (£61 million).
• The 99-unit property will be renamed Weave Suites – Novena and fully upgraded by 2026 with lifestyle and wellness amenities.
• Originally a residential tower, the 15-storey property was converted to serviced apartments in 2023.
• It marks the fourth property in Singapore to join Weave Living’s portfolio.
• The deal continues Weave’s partnerships with BlackRock and Lian Beng, following earlier projects in Bugis and Mount Sophia.
