Hotel Clover Sold To Singapore’s SLB Development and Hong Kong’s Weave Living For SGD74.8m – Around US$55m
Main Photo: Hotel Clover
Date: March 2022
Name: Hotel Clover, 33 Jalan Sultan – to be renamed Weave Suites
Location: Jalan Sultan, Singapore
Number of Keys: 88
Seller: Hotel Clover Group, with five hotels in Asia
Buyer: Weave Living and SLB Development Ltd
Hong Kong-based Weave Living, in partnership with Singapore-based property developer SLB Development Ltd, is acquiring Hotel Clover in Jalan Sultan, Singapore, at a price of SGD74.8 million.
The 88-keys hotel is currently located in a row of 17 conservation shophouses in the Kampong Glam area. The two-story property has a total land area of 15,201 square feet and a total gross floor area of 35,000 square feet. The property is on a 99-year leasehold starting April 2008. WL will be taking a majority stake in the deal and will be redesigning and repositioning the hotel into service apartments. WL will also be responsible for the day-to-day operations of the asset. The acquisition of Hotel Clover is WL’s maiden acquisition outside Hong Kong.
“We are pleased to diversify our income stream into the ‘living sectors’ segment through our partnership with Weave Living,” says Matthew Ong, CEO and executive director of SLB Development.
SLB Development is a diversified property developer across the different asset classes. In 2019, SLB established a fund management business in partnership with experienced industry veterans, which aims to actively pursue investment opportunities in real estate funds and various segments of the real estate value chain. Shares in SLB Development closed at 12 cents on March 11.
Weave Living intends to invest $4 million to $5 million on refurbishing the row of conservation shophouses into fully-furnished rental accommodation, with a mix of single- and dual-occupancy serviced suites, including several loft units with exclusive green terraces and kitchenettes. Shared spaces will include a dining area, living room, kitchen, gym, yoga studio and workspaces. The property, which will be rebranded as Weave Suites is scheduled to reopen by early next year.
“With our first acquisition in Singapore, Weave Living is excited to curate a brand-new living experience for global citizens and professionals that combines style, comfort, and convenience, to complement the energy and vitality of modern city living,” says Sachin Doshi, founder and CEO of Weave Living.
Price: SGD74.8 million – around US$55m
Price per Key: SGD850,000
THPT Comment: Weave Living was set up in 2017, as a cross between long-term and short-stay apartments. This its first venture outside Hong Kong.
First Seen: Business Times Singapore
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