Kampong Glam serviced apartment up for $95m sale

Buyer can increase room capacity under approved plans in heritage conservation shophouses.

Weave Suites – Midtown, a 65-key serviced apartment in Kampong Glam, is being offered for $95m, exclusive marketing agent JLL said.

Located at 33 Jalan Sultan, the property comprises 17 contiguous conservation shophouses and includes Urban Redevelopment Authority (URA)-approved plans to add 40 capsule pods by converting underutilised retail units and existing spaces.

Alternatively, the spaces can be converted into 17 additional guest suites, subject to URA approval.

The property is being offered without a management agreement, giving the buyer flexibility over future operations, according to JLL.

The marketing exercise follows the URA's recent policy encouraging new hotel developments in selected heritage precincts, including Boat Quay and Beach Road.

JLL said Singapore's hospitality investment market is projected to exceed $1b in transaction value this year. It cited the $43.5m sale of the Punggol Digital District hotel and the $101m acquisition of Park Avenue Changi, which has since been converted into a co-living asset.

The firm also pointed to Singapore Tourism Board (STB) data showing international visitor arrivals reached 4.4 million in the first quarter of 2026, up 2.9% from a year earlier. STB expects visitor arrivals to reach 17 million to 18 million for the full year.

"Singapore's hospitality sector continues to attract significant investment capital, with total transaction volume for 2026 projected to surpass $1b," said Tan LingWei, executive vice president, Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.

The property is being marketed on behalf of Hong Kong-based Weave Living, which operates more than 400 keys in Singapore across Weave Suites – Hillside, Weave Suites – Novena, and Weave Residences – East Coast.

JLL said the sale will allow Weave Living to recycle capital across its Asia-Pacific portfolio, which manages more than $5.17b (US$4b) in assets across Japan, Hong Kong, South Korea, Singapore, and Australia.

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