JLL has been appointed as the exclusive marketing agent for Weave Suites – Midtown, a unique 65-key serviced flat located in Singapore’s Kampong Glam district. The property, housed in 17 contiguous conservation shophouses, is being marketed at S$95m following a recent policy shift by the Urban Redevelopment Authority (URA) that opens heritage precincts to new hotel development.
The property offers significant expansion potential with URA-approved plans to convert existing spaces into 40 capsule pods or 17 additional guest suites. This flexibility provides a first-mover opportunity in one of Singapore’s most established cultural districts. The asset is offered without management agreements, allowing operational flexibility for investors.
The URA’s policy shift signals confidence in central cultural districts as prime hospitality hubs, positioning existing conservation properties with expansion plans as attractive opportunities. “Singapore’s hospitality sector continues to attract significant investment capital,” said Tan LingWei, Executive Vice President of JLL Hotels & Hospitality Group, highlighting the projected transaction volume for 2026 to surpass S$1b.
Singapore’s hospitality sector remains robust, with international visitor arrivals reaching 4.4 million in Q1 2026, a 2.9% year-on-year growth. This momentum supports sustained demand for accommodation, including serviced flats and heritage hospitality assets. Tan noted, “Singapore’s mid-market hospitality segment has become highly strategic for investors prioritising intrinsic asset quality and long-term capital preservation.”
The property is marketed on behalf of Hong Kong-based Weave Living, which operates over 400 keys across Singapore. The transaction will enable the operator to recycle capital across its Asia Pacific portfolio, managing over US$4b in assets.
