Residential building in Mid-Levels West sells for $295m

This will be Weave Living’s first acquisition since its rebranding in 2020.

Weave Living is completing the acquisition of a $295m en-bloc residential building in Mid-Levels West.

The property will be developed by the company into a multi-family rental accommodation to offer more options in the traditional high-end district. It is slated to open by Q3 2021.

The property is located at 6-8 Hospital Road and measures 20,430 sq. ft by gross floor area. From the stated transaction price, this would translate to an amount of about $14,000 per sq. ft.

Weave Living founder and CEO Sachin Doshi said this acquisition will be their first since the company rebranded in 2020.

“We are excited to complete our first acquisition since our rebranding in 2020. We introduced the Weave Living brand to align our business to a much broader opportunity set in rental housing in Hong Kong and the wider Asia-Pacific region,” he said.

“This acquisition also follows the recent opening of Weave Suites Central West, our first serviced apartment on Hong Kong Island reflecting our strong confidence in Hong Kong’s property investment and rental housing market,” he added.

The acquisition was advised by CBRE Hong Kong’s Capital Markets team, which acted as both vendor and buyer in processing the transaction.

Daniel Mok, CBRE Hong Kong capital markets director, said this deal was a rare opportunity as Mid-Levels West is considered one of the most affluent areas in Hong Kong.

“The deal represents a rare en-bloc residential acquisition in Mid-Levels West, which is one of the most traditionally affluent parts of Hong Kong. CBRE is delighted to be able to assist our client in securing a great investment opportunity and providing new accommodation elements to the area,” he said.