CBRE and Savills Singapore, as joint marketing agents, are pleased to jointly offer an exclusive opportunity to acquire Weave Suites - Midtown – an iconic and meticulously restored heritage hospitality asset strategically located at 17–49 Jalan Sultan, in the heart of Singapore’s vibrant Bugis / Ophir-Rochor corridor via an Expression of Interest exercise.
Strategically positioned on a prominent standalone island plot, this trophy asset comprises a striking row of 17 adjoining two-storey conservation shophouses with mezzanine levels. It features 65 hotel suites and ground-floor retail units and boasts a commanding dual road frontage of approximately 90 metres along Jalan Sultan Road and Pahang Street. Its extensive frontage offers valuable branding opportunities, including naming and signage rights – a rarity in heritage assets.
Weave Suites - Midtown stands out as one of the few remaining conservation shophouse hotels within such a tightly held and exclusive asset class. Following a comprehensive refurbishment in 2023, the property has been enhanced with modern hospitality features, including meeting rooms, shared lounges, a gym, and a fully equipped kitchen.
With permanent approvals for hotel and F&B use, and rooms averaging a generous 23.5 sqm, the property presents strong upside potential, including the ability to reconfigure and increase room count – previously approved at 88 rooms. The 4,450 sq ft of ground floor F&B and retail space serves as ancillary to the main hotel component, offering flexibility for the purchaser to either continue leasing out for additional income or repurpose the space to complement their operational or branding strategy – thereby unlocking additional value. Notably, some ground floor retail units at City Gate, located directly opposite, have transacted above S$4,000 psf.
Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore shared, “Weave Suites - Midtown is one of the last few remaining heritage hotels in Singapore housed within a full row of conserved shophouses – a truly scarce asset in today’s market. Located within the culturally vibrant Kampong Glam precinct, this is a unique opportunity for family offices / ultra-high net worth individuals to own a legacy asset with both character and commercial flexibility. Whether as a boutique hotel, a flagship co-living concept, or a mixed-use hospitality place, the asset is well-positioned to capitalise on the growing demand for unique, culturally immersive experiences that blend history with modernity.
Clemence Lee, Executive Director of Capital Markets at CBRE added, “Boutique hotels housed within conversation shophouses have garnered significant interest, with the recent reported sales of 21 Carpenter at approximately $100m and Duxton Reserve at around $80m. This demand is driven by the recognition of these niche investments as trophy assets that are well-supported by strong market fundamentals. With Singapore's position as Asia Pacific's leading hospitality market and improving tourist arrivals, we anticipate growth in key hotel performance metrics, including Revenue per Available Room (RevPAR) and Average Daily Rate (ADR). Coupled with the limited supply of boutique hotels in the pipeline supports our expectation of sustained growth in this segment over the medium to long term horizon.”
Weave Suites - Midtown occupies a prime island plot located within the Bugis / Ophir-Rochor Corridor, at the nexus between Bugis and the Kampong Glam Conservation Area. This key sector has been envisaged to be a key extension of Singapore’s CBD that stretches from Marina Bay, Raffles Place and Marina Centre, and massive rejuvenation over the last decade has seen the precinct transform into a dynamic and bustling commercial centre with a differentiated cultural identity from the rest of the CBD.
The guide price for the asset is S$105 million. Investors can expect to enjoy a yield at approximately 3%. Both foreigners and companies are eligible to purchase, and no Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD) will be payable.
The Expression Of Interest (EOI) exercise will close on 13 August 2025, Wednesday at 3pm.