Hong Kong-headquartered rental accommodation operator Weave Living has announced a partnership with TPG Asia Real Estate to acquire and develop a new 550-unit purpose-built rental accommodation development featuring “hybrid living” in Sungin-dong, Jongno-gu, a prime area in northern Seoul. The consideration sum and development cost have not been disclosed.
This marks the second institutional partnership between Weave Living and TPG, extending their collaboration from Hong Kong to South Korea.
According to a July 9 announcement, the 48-month development will allow “hybrid use” between both long-stay and flexible-stay demand in the city. Scheduled for completion in mid-2030, the asset will be positioned under the Weave Suites brand.
This flagship property represents Weave Living’s eighth location under its signature serviced apartment brand, joining a portfolio across Hong Kong, Singapore, Seoul and Sydney.
The 2,027 sqm site is positioned at the convergence of Seoul’s Central Business District (CBD), Dongdaemun, and the city’s prominent university cluster. The site is a two-minute walk from Sinseol-dong Station and just steps from Dongmyo station.
Beyond its reputation as a vintage market, Dongmyo has evolved into a vibrant cultural hub that attracts a highly diverse, active demographic, from Gen Z digital natives to travellers seeking to explore the local Korean vibe, according to Weave Living. “This highly connected location makes this development uniquely suited to capture a diverse, high-value demand base, including corporate tenants, young professionals, education-associated renters and domestic and international business travellers.”
See also: Hong Kong’s Weave rebrands two assets to student housing under new Weave Campus
Weave Living entered the South Korean market in 2024. This latest partnership with TPG follows Weave Living’s recent announcement of a collaboration with global investment manager Nuveen in Seoul, as well as the 2025 vintage Weave Living Korea Rental Housing Venture I, a US$450 million core-plus venture.
The company says it expects to announce multiple new acquisitions in Seoul over the coming months.
Sachin Doshi, founder and group CEO of Weave Living, says: “This is our first greenfield development in Seoul, and we are excited to deepen our partnership with TPG to accelerate our portfolio expansion across the Asia-Pacific region. With this significant milestone, Weave Living continues to solidify its leadership position in South Korea’s institutional rental housing sector by delivering highly curated accommodation solutions.”
See also: Weave Living partners Nuveen to acquire en bloc property for KRW22.5 bil
Steven Cha, head of TPG Asia Real Estate, says Seoul continues to strengthen its position as a global business and cultural hub. “There is a clear and growing demand for high-quality, institutional-grade living spaces. We are excited to once again partner with Weave and look forward to working together to actively execute and deliver on creating a world-class residential product in Korea.”
Weave has expanded to six sub-brands since its founding in 2017, offering luxury homes under Weave Residences, serviced apartments in Weave Suites, furnished apartments under Weave Place, unfurnished apartments under Weave Base, co-living studios in Weave Studios and student housing in Weave Campus.
At present, Weave owns and manages residential properties in Hong Kong, Singapore, Japan, South Korea, and Australia, with 57 properties across the Asia-Pacific region.
In April, Weave opened its fourth property in Singapore and its third here under the Weave Suites brand. Weave Suites – Novena presents 99 suites (78 units with 21 dual key configurations), ranging from open-plan studios to one- and two-bedroom apartments.
Along with Weave Suites – Midtown, Weave Suites – Hillside and Weave Residences – East Coast, the group now counts nearly 400 units across Singapore.
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with US$306 billion ($395.53 billion) of assets under management.
