SLB Development entered a deal with Weave Living to jointly acquire 17 shophouses currently operating as Hotel Clover on Jalan Sultan in Singapore for S$74.8 million, the company said in a filing to SGX Friday.
“We are pleased to diversify our income stream into the ‘living sectors’ segment through our partnership
with Weave Living,” Matthew Ong, executive director and CEO of SLB, said in the statement.
The two-storey property, which is at Nos. 17-33 Jalan Sultan, has a total gross floor area of 35,000 square feet, the filing said. The property has a 99-year leasehold starting from 2008, the filing said.
Weave Living, which will have majority ownership, will redesign the property into serviced apartments and handle the day-to-day operation, the filing said.
Singapore-listed SLB is a property developer; in 2019, it set up a fund-management business to pursue investments in real estate funds and other segments of sector.
Weave Living currently owns and manages 678 rental accommodation units in Hong Kong.