Project Details
Client:Weave Living
Location: Hong Kong
Topline:CBRE sold the en-bloc property for HK$295 million within three months of the day the vendor decided to dispose, successfully assisted Weave Living to expand into multi-family rental residential market.
The Challenges / Opportunity
Weave Living was founded in 2017 to provide luxury rental accommodation with a lifestyle focus. After establishing four successful co-living and serviced apartment buildings in Hong Kong, the company decided to expand into multi-family rental residential market.
Their aim was to leverage the growing demand for residential rental property in Hong Kong as well as the softened market conditions associated with the pandemic.
Solution & Outcome
Solution
CBRE helped Weave Living to purchase two of its Hong Kong buildings and, as a result, had a deep understanding of the company and its needs.
As marketing agent for the vendor, CBRE targeted an exclusive group of potential investors with a marketing campaign highlighting the quality of the asset.
The building represents a rare en-bloc residential acquisition on 6-8 Hospital Road in Mid-Levels West, which is one of the most traditionally affluent parts of Hong Kong. However, some potential investors were concerned with the recent correction in the serviced apartment leasing market in the city, given the property’s existing use.
The CBRE project team provided Weave Living with comprehensive due diligence, detailed analysis and a clear investment strategy to showcase the property’s potential. They also worked hard to narrow the price gap between Weave Living and the vendor.
Outcome
CBRE successfully sold the property for HK$295 million within three months of the day the vendor decided to dispose.
CBRE exceeded client expectations in terms of the transaction timeframe, value, and the terms of the agreement.
Scheduled to open in Q3 2021, the residential building will be transformed into multi-family rental accommodation under the Weave Residences brand.
