In Brief: HVS reports on key hotel sales and investment activity across Asia Pacific for the week ending 8 May 2026
Nuveen and Weave Living to Redevelop Asset into Serviced Apartment in Seoul, South Korea
US-based Nuveen, LLC (“Nuveen”), a wholly owned subsidiary of the Teachers Insurance and Annuity Association of America, has partnered with Hong Kong-based Weave Living to acquire a property in Seoul’s Gwanghui neighbourhood for redevelopment into a 62-key serviced apartment project under the Weave Suites brand. Acquired for KRW22.5 billion (approximately KRW362.9 million per key) through Nuveen’s Asia Pacific Cities strategy, the asset is scheduled to commence operations in January 2027. Located within Seoul’s Jung district, the project is positioned a short walk from Dongdaemun History & Culture Park station, providing connectivity to key business nodes across the city via metro lines 2, 4, and 5. The property is also located in close proximity to Dongguk University and Hanyang University. The acquisition marks Nuveen’s maiden living-sector investment in Seoul and further expands Weave Living’s footprint in the South Korean capital following its market entry in 2024.
Metronic Acquires Serviced Apartment Units for MYR33.24 Million in Malaysia
Malaysia-based Metronic Global Bhd (“Metronic”), through its wholly owned subsidiary MGL Development Sdn Bhd, is set to acquire 81 newly completed serviced apartment units at Marina Point Klebang in Melaka, Malaysia, from Malaysia-based Sanichi Precision Mould Sdn Bhd, a wholly owned subsidiary of Sanichi Technology Berhad, for a total consideration of MYR33.24 million. This translates to approximately MYR410,000 per key. Situated on freehold land in Melaka Tengah, the total floor area purchased spans over 6,040 square metres. The transaction is expected to be completed by the first quarter of 2027, with the group anticipating stable cash flow generation through rental income alongside potential long-term capital appreciation. The acquisition will be funded through internally generated funds and forms part of the group’s strategy to diversify its income streams through recurring rental revenue.
Singapore Commits Further Investment into Tourism Sector
Singapore is advancing several tourism-related infrastructure developments under the broader Greater Southern Waterfront masterplan, including a proposed integrated cruise and ferry terminal at Marina South and a new MICE hub near Marina Bay MRT Station. The developments are expected to strengthen Singapore’s cruise and business tourism offerings through additional berthing capacity, convention facilities, hotels, retail and entertainment components. In line with its Tourism 2040 ambitions, the Government also announced a SGD740 million top-up to the Tourism Development Fund over the next five years following record tourism receipts of SGD32.8 billion in 2025, reflecting continued confidence in the long-term growth of the tourism sector.
VND2.42 Trillion Integrated Eco-Urban Development Planned for Sa Pa, Vietnam
Vietnam-based Hong Phong ID Co. Ltd. and Vietnam-based Ecopark Hai Duong JSC have commenced construction on the VND2.42 trillion O Quy Ho tea hill eco-urban area in Sa Pa, located northwest of Hanoi, Vietnam. The circa 29.3-hectare development will comprise 358 commercial residential units, including 65 townhouses and 293 villas, in addition to a proposed five-star hotel with approximately 300 rooms, schools, and supporting amenities. Conceived as an integrated eco-tourism urban development, the project is targeted for completion by the third quarter of 2030. The project is expected to further reinforce Sa Pa’s appeal as a high-end resort destination amid growing tourism demand in northern Vietnam.
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