Co-living has arrived in Hong Kong. We’re not talking about flat-sharing which is pretty common in a city where rent is the biggest expense out of our pay cheque. What we get is usually a 400-700 sf apartment with 2 or even 3 bedrooms that we share between 2-3 flatmates. Since co-working has reached maturity in Hong Kong with more centers opening every month not only from enterprenuers spotting an opportunity but the big boys with investors money to burn, its time for co-living to make a debut. One of the early pioneers to kick off a co-living space, (yes Campfire has opened their co-living space already early this year!) Sachin Doshi, founder and CEO of Hong Kong’s newest co-living space Weave on Boundary ( Prince Edward) is hoping to change how we live in Hong Kong. The Weave on Boundary offers modern hassle-free city community living. The concept is similar to co-working, rent a room and share the common area full with like-minded people who will become your community.
The common areas are maxed out with sofa areas, games table where residents mix and mingle with one another and take part in commnity activities. Weave has also designed a resident portal called “Wally” to encourage an online community for their social media friendly residents.
Sachin’s 15 years of experience in real estate investment, asset management and investment banking have equipped him with the skills, network and insight to execute on this opportunity. With Weave, Sachin is addressing the social problem of housing for millennials. We caught up with Sachin to talk shop and find out more about Weave.
What was the inspiration behind Weave?
Lot of young people around the world want to live in gateway cities like Hong Kong, London, New York, San Francisco, Singapore but these cities have become highly unaffordable with high rents. This coupled with the longing for community when you are new in a big city was the inspiration behind Weave.
Weave is all about value-for-money accommodation that combines comfort, convenience and community for a hassle-free city living experience. We create stunning living spaces with ample common areas and avenues for social interaction where young people can live and thrive.
What is the capacity at Weave and how many residents can you accommodate? Is there a selection criteria for selecting residents to make sure everyone gets along with each other?
We have 160 bedrooms in total across 10 floors. We have a relatively strict yet straightforward application process in place – our goal is to provide an environment that is welcoming, inclusive and safe for our community. We aim to curate the right kind of collaborative community for our residents so they can enjoy a fulfilling lifestyle and have opportunities for personal growth. Our community comes from diverse backgrounds, professions, nationalities and interests – all of this makes for an exciting community where our residents can thrive.
How many Weaves do you have in the pipeline in the next 24 months in Hong Kong and Asia?
Weave on Boundary is our first property and certainly won’t be our only property. We have plans for many future properties around Hong Kong and other cities across Asia Pacific. Each Weave property will be slightly different, adapting to the neighbourhoods and embracing the cultural nuances of the broader communities they are in. However what will be common across them will be the same high-quality aesthetics, design and amenities as Weave on Boundary, coupled with our enthusiastic community teams and fantastic service offering. In the future we may have properties with different target demographics in mind as well.
What are the net areas for the Premium En-Suite Bedroom (starting at HK$10,800 per month), Standard En-Suite Bedroom (starting at HK$9,500 per month) and the Quad Bedroom (starting at HK$7,200 per month)?
The typical bedroom is 100 to 130sf with an en-suite bathroom while each resident has access to pantry on each floor. All residents have access to 6,000sf of communal area featuring a gym, a living room, a fully-equipped shared kitchen, games area, rooftop terrace and a reading room.
What’s a typical working day like for you?
As cliched as it sounds, there is no such thing as a typical day. Every day is unique but what’s common to each day is our desire to build amazing living spaces for our community. We are constantly evolving as a company, learning from our residents and working on ideas to make co-living more accessible to a much wider demographic. One day we could be focused on designing the common areas, coming up with mural designs, picking tiles and materials, while another day it could be walking the streets to soak in the pulse of a neighbourhood where we are planning a Weave property. There is something exciting going on every day.
How has your banking and real estate experience help you to start up Weave?
I believe the key to any successful endeavour is to bring together the richness of past experiences to solve a real world problem. As an investor previously, I have had the benefit of working with and learning from a lot of different entrepreneurs that has meant advice is never more than a phone call away.
Also, having worked across Asia Pacific has meant I have developed a very solid understanding of key trends that affect real estate and can apply those to solve the affordable accommodation challenge facing many young people in our cities.
What is the biggest challenge you encounter with a business like Weave?
We are constantly learning new things about the changing preferences of our target residents. Being at the forefront of, and anticipating their needs is perhaps the most challenging and exciting part of what we do at Weave. It’s fun because at the end of the day, we see happy residents building a strong Weave community and nothing is more satisfying than that.
Find out more about Weave here.
Weave on Boundary, 36 Boundary Street, Prince Edward, Hong Kong. Tel: 02-2157 1470