Hotel Clover in Jalan Sultan sold for S$74.8m to HK's Weave Living
Buyer will transform asset into serviced residences with a modern twist
Singapore
A ROW of 17 conservation shophouses in the Kampong Glam area currently operating as the 88-room Hotel Clover in Jalan Sultan is being sold for S$74.8 million.
The buyer is a special purpose vehicle that is majority owned by Hong Kong-headquartered Weave Living, an integrated lifestyle rental accommodation brand set up in 2017.
This is Weave Living's maiden acquisition outside Hong Kong. Its partner in the acquisition is a Singapore group that is taking a minority stake.
The 2-storey property - with an attic - is being sold by a Singapore-incorporated entity whose shareholders include doctors.
The property, at Nos 17 to 33 Jalan Sultan, has a total land area of 15,201 square feet (sq ft) with 99-year leasehold tenure starti…
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