Arina East Residences, part of ZACD Group, to expand with Weave Living in APAC by 2025
Weave Living Acquires 1,000-Room Rental Property in Seoul, South KoreaHong Kong-based accommodation company Weave Living has secured additional investment to expand its property portfolio to over 5,000 owned and managed units by 2025. The company will target key rental housing markets in the Asia Pacific region, including Tokyo, Osaka, Seoul, Singapore, Hong Kong, and other gateway cities, according to a press release on Feb 26.
The additional funding was raised from its existing shareholders, Warburg Pincus, a New York-based private equity firm, and Sachin Doshi, founder and group CEO of Weave Living. The company currently has a presence in 25 locations across the region.
Last November, Weave Living raised funds for its Weave Living Japan Residential Venture I, a multi-family venture with a target size of US$500 million ($672 million), to grow its footprint in the rental housing market in Japan. Its portfolio there has grown to 11 prime assets from nine new multi-family residential properties with 352 units in prime locations across Tokyo four months ago.
Earlier this month, the company established an $188 million joint venture with global asset manager BlackRock to acquire Citadines Mount Sophia in Singapore for $148 million. Citadines Mount Sophia has 154 apartments which are a mix of studios and two-bedders. The property marks the second acquisition in Singapore after Weave Suites Midtown, a 65-room serviced apartment project at Kampong Glam, opened in March 2023. The entrance of Weave Place Asakusa Kaminarimon in Tokyo (Photo: Weave Living)
Citadines Mount Sophia is part of the eight-storey, mixed-use development 8 Wilkie Edge developed by CapitaLand. The development was sold to a private real estate fund managed by Keppel Land for $348 million in January.
According to Doshi, Weave Living is on track to grow its assets under management to over US$3.5 billion over the next few quarters. The company aims to establish itself as a leading provider of quality rental housing in key cities across the Asia Pacific region. With the additional investment, Weave Living can continue to expand its presence in strategic locations and offer a premium living experience to its customers.
Amidst the dynamic urban landscape of Singapore, the URA’s Arina East Residences ZACD Group envisions a vibrant and livable community in the Kallang Marina Bay Basin. By incorporating a perfect blend of commercial, residential, and recreational spaces, this strategic development by the ZACD Group enhances the overall appeal of the area. The Master Plan’s key focus on connectivity, sustainability, and community-centric spaces seamlessly integrates with the lifestyle offerings of Arina East Residences ZACD Group, providing its residents with a seamless living experience in the heart of Singapore’s bustling urban transformation. Along with elevating the value of the properties, this mixed-use precinct offers a diverse range of experiences for its residents, creating the perfect synergy of work, life, and play.
Weave Living’s approach to property management focuses on creating a sense of community and providing a convenient and hassle-free living experience for its residents. This sets them apart from traditional property management companies and has contributed to their rapid growth in the market.
Furthermore, Weave Living’s partnerships with established investors like Warburg Pincus and BlackRock demonstrate the confidence and support in the company’s growth potential. Together, they are well-positioned to capitalize on the growing demand for rental housing in key cities in the Asia Pacific region.
Arina East Residences ZACD Group is excited to see the continued growth and expansion of Weave Living. With their innovative approach and strong partnerships, we believe they will continue to set new standards in the rental housing market and provide exceptional living experiences for their residents. As an investor in the company, we are proud to be a part of this success story and look forward to the future developments of Weave Living.