Dash Living Acquires 148-roomed Prime Hong Kong CBD on Hollywood Road through JV with an unnamed Global Real Estate Asset Manager

Dash Living Acquires 148-roomed Prime Hong Kong CBD on Hollywood Road through JV with an unnamed Global Real Estate Asset Manager

With Dash Living on Hollywood, Dash Living will manage 2000+ units to continue its expansion in the Asia Pacific

HONG KONG, Oct. 31, 2022 /PRNewswire/ -- Dash Living, Asia Pacific's leading serviced living community, today announced its newest addition in the prime CBD area in Hong Kong - Dash Living on Hollywood, from the acquisition of Travelodge Central Hollywood Road through a joint venture with an unnamed global real estate asset manager. The versatile mixed-use multifamily property boast over 58,000 sqft gross floor area, consisting of 148 rooms plus communal spaces for both long and short-stay needs.

With this upcoming flagship on Hollywood Road acquired by the newly formed asset acquisition vehicle (in collaboration with Mindworks Properties) and the JV, Dash Living's portfolio will expand to over 2,000 units in the Asia Pacific. In 2022, Dash Living acquired Inthehood in Japan, added Dash Living on Mackenzie and Dash Living on Kinta in Singapore, and Dash Living on Prat in Hong Kong, continuing its expansion in 2022.

"Over the recent years, we have been a strong believer in several value-add themes across various asset classes to advance our owners' investment portfolio in Asia-Pacific namely digital transformation, generational change in living needs, the sharing economy and work-from-home trends. Being one of the strongest, technology-driven and community-focused operators in the Asia Pacific, we are thrilled to enter into this JV to acquire this asset containing these obvious value add themes in a very prime business district." said Aaron Lee, CEO and Founder at Dash Living.

The asset acquisition comes with a timely reopening of Hong Kong's borders. With the progressive improvements in border controls and health measures, the expected opening of Dash Living on Hollywood in early 2023 will be able to capture returning expats, students, business, and also leisure travellers, as its positioning will be a co-living hotel with communal areas, a hybrid mixture of long-and-short stay guests given access to Dash Living's global events, facilities, and partnering lifestyle perks.

Dash Living has previously disclosed its occupancy throughout the Covid period to be above 90% for its entire portfolio in the Asia Pacific, and it has also filled over 100,000 room nights for its hotel partners since its inception in mid-2021.

"We are excited to see our portfolio company Dash Living continue leading the industry to grow and explore new norms and possibilities. The upcoming island-side flagship, Dash Living on Hollywood, will take the Dash community lifestyle into long and short stays. We have seen long-stay tenants enjoy Dash's popular activities and community, but it is very exciting to potentially see both existing Dashers from other regions and new business travellers, digital nomads, and city dwellers mingle in the community. We are honoured to work with our JV partner to bring this great product to affluent millennials as Hong Kong's borders are expected to finally open up." David Chang of MindWorks commented.

The property is expected to have 148 rooms, with a mixture of short and long-stay-focused room configurations. It will go through a renovation to elevate the asset and empower a community lifestyle, with communal facilities, co-working areas, and leisure areas for tenants to mingle and empower Dash's community happenings across all assets & communities.

Located in the Central area of Hong Kong Island, Dash Living on Hollywood is located minutes away from two MTR stations, surrounded by art and culture like the PMQ, Man Mo Temple, nightlife, local eateries, cafes, fine dining options, and just a short walk to the Central business district.

About Dash Living

Dash Living is Asia Pacific's new generation of rental solution in Hong Kong, Singapore, Tokyo, and Sydney. Venture-capital-backed by MindWorks Ventures, Grosvenor, Taronga Ventures, Chinachem, Cyberport and more, Dash Living's mission is to create a global accommodation community through sharing economies, tech, and unique tenant experiences, empowering discerning urban professionals to live and thrive in the most expensive cities in the world.

Website: www.dash.co 

About MindWorks Properties

MindWorks Properties is a real estate investment and asset management firm founded in 2018 with a focus on non-traditional real estate sectors such as co-living & hospitality, logistics & storage, and data centers. MindWorks Properties is affiliated with MindWorks Capital, a venture capital firm established in 2013 which utilizes a Pan-Asia strategy to source direct investments in technology companies across both Greater China and Southeast Asia. MindWorks currently manages over US$1 billion in total net asset value across its funds and is a co-investment partner of the Innovation Technology Venture Fund initiated by the Hong Kong government.

Website: www.mindworks.vc


Source: Dash Living
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