CBRE Hong Kong Capital Markets team has advised on the acquisition of an en-bloc residential building in Mid-Levels West by Weave Living for HK$295 million, which is set to deliver new accommodation offerings to the traditional high-end residential district.

CBRE Hong Kong’s Capital Markets team acted for both vendor and buyer on this transaction.

Located on 6-8 Hospital Road, the property measures 20,430 sq. ft. by gross floor area, with a transaction price translating to around HK$14,000 per sq. ft. Scheduled to open in Q3 2021, this residential building will be transformed into a multi-family rental accommodation.

Daniel Mok, Director, Capital Markets, CBRE Hong Kong, said: “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.”

Sachin Doshi, Founder and Group CEO of Weave Living, said: “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. 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.”

For further information regarding the transaction, included a sales analysis please contact Daniel Mok, Director, Capital Markets, CBRE Hong Kong via the contact form below.