Rare 65-key Kampong Glam serviced apartment marketed at S$95 million

SINGAPORE, 13 July 2026 – JLL has been appointed exclusive marketing agent for a rare 65-key serviced apartment property in Kampong Glam, one of Singapore's most tightly held conservation districts. Weave Suites - Midtown, housed in 17 contiguous conservation shophouses at 33 Jalan Sultan, is being marketed at S$95 million as the Urban Redevelopment Authority's recent policy shift opens heritage precincts to new hotel development.

The property presents material value-add potential through plans to convert underutilised retail units and existing spaces into 40 capsule pods, as approved by URA. Alternatively, investors can opt to convert these spaces into 17 additional guest suites, subject to URA approval. The asset is offered unencumbered by management agreements, providing operational flexibility for an incoming investor. The 17 contiguous conservation shophouses represent a rare configuration in one of Singapore's most established cultural precincts.

The URA's recent policy shift encouraging new hotel development in heritage precincts including Boat Quay and Beach Road signals government confidence in central cultural districts as prime hospitality hubs. This policy direction positions existing conservation properties with expansion plans as first-mover opportunities ahead of new supply entering the market. The property's established operations and expansion potential in inventory provide an immediate pathway to enhanced revenue generation without the extended development timelines facing new entrants to the precinct.

"Singapore's hospitality sector continues to attract significant investment capital, with total transaction volume for 2026 projected to surpass S$1 billion. Strong market confidence is evident in prominent transactions this year, including the S$43.5 million sale of the Punggol Digital District hotel and the S$101 million acquisition of Park Avenue Changi, both converted to co-living products. This momentum is underpinned by an accommodative interest rate environment and strong lodging fundamentals," said Tan LingWei, Executive Vice President, Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.

Singapore's hospitality sector continues to demonstrate robust fundamentals, with international visitor arrivals reaching 4.4 million in Q1 2026, representing 2.9% year-on-year growth according to the Singapore Tourism Board. The momentum positions the city on track to achieve its full-year forecast of 17 to 18 million visitors for 2026, supporting sustained demand for accommodation across all segments including serviced apartments and heritage hospitality assets.

Tan added, “Singapore's mid-market hospitality segment has become highly strategic for investors prioritizing intrinsic asset quality and long-term capital preservation. For investors seeking direct ownership of rare conservation shophouses in a premier safe-haven jurisdiction, Weave - Suites Midtown offers a compelling opportunity.”

The property is being marketed on behalf of Hong Kong-based Weave Living, which operates over 400 keys across Singapore including the 175-key Weave Suites - Hillside, 99-key Weave Suites - Novena and 93-key Weave Residences - East Coast. The transaction will enable the operator to recycle capital across its Asia Pacific portfolio, which manages over US$4 billion in assets across Japan, Hong Kong, Korea, Singapore and Australia.