SLB Development Ltd. announced today that in partnership with Weave Living, it will jointly acquire the 17 shophouses currently operating as Hotel Clover in Jalan Sultan for $74.8 million. Weave Living, with significant majority ownership, will be responsible for the redesigning and re-positioning of the hotel into serviced apartments, and for the day-to-day operations and management of this asset.
The 2-storey property at No. 17 to 33 Jalan Sultan has a total land area of 15,201 square feet and a total gross floor area of 35,000 square feet. This property comprising of 17 adjourning shophouses has a 99-year leasehold tenure starting April 2008.
“We are pleased to diversify our income stream into the ‘living sectors’ segment through our partnership with Weave Living,” says Matthew Ong, Executive Director and CEO of SLB.
SLB is a diversified property developer across the different asset classes. In 2019, SLB established a fund management business in partnership with experienced industry veterans, which aims to actively pursue investment opportunities in real estate funds and various segments of the real estate value chain.
Shares in SLB closed at 12 cents on March 11.
Photo: Samuel Isaac Chua/The Edge Singapore
