Student AccommodationTaryn ParisThu 16 Jul 26
Ultimo Deal Paves Way for Weave Living’s Australian PBSA Debut
Vertically integrated living company Weave Living has made its Sydney debut with the acquisition of an operational student accommodation asset at Ultimo.
The Hong Kong-headquartered company signalled its move to Australia last year with the acquisition of a Glebe site, where it plans to begin construction in October.
Weave Living founder Sachin Doshi (pictured above) said it was Weave Living’s first foray into Sydney’s purpose-built student accommodation sector, after the launch of two Hong Kong Weave Campus assets (pictured below).
The new Weave Campus asset is next to the University of Technology Sydney and the University of Sydney, and will undergo a staged redesign and repositioning in September.
“The asset will transition to Weave’s vertically integrated platform and welcome students into our eco-system from the start of academic year 2027 under our recently revealed Campus brand offering,” Doshi announced on LinkedIn.
The Glebe asset would comprise about 80 studio apartments under the Suites brand.
“The Australian living sector remains structurally fragmented and operationally underserved,” Doshi said.
“We believe Weave Living’s unique, vertically integrated model, leveraging our near-decade of experience operating across multiple developed APAC geographies and backed by industry-leading proprietary digital platforms, truly sets us apart.
“We have been greatly encouraged by the strong domestic and offshore capital interest to partner with Weave in Australia and are on track to reveal our first institutional capital partnership in the country in the [near] future.”
Doshi said the Weave Living Australia team would be growing to enable the business to “rapidly scale our project pipeline and capital partnerships in Australia”.
The vertically integrated living assets owner-operator is active in Seoul, Tokyo, Singapore, Hong Kong and now Sydney.
The Ultimo area is awash with student accommodation operators, including Scape, Iglu and UniLodge.
Late last year, one of Japan’s biggest accommodation developers announced it would acquire a majority interest in UniLodge, while Iglu's major shareholder GIC is shopping for a capital partnership to join the fold in the $2.2-billion business.
