Luxury Heritage Hotel Qt Singapore Robinson Road Sale
Tags: JLL Singapore, CBRE Singapore, QT Singapore, hotel, CBD, heritage, Eastern Extension Telephone Company, Royal Group, URA, So/ Singapore, Viva Land, Sunray Woodcraft Construction, QT Hotels & Resorts, EVT, Downtown, Telok Ayer, Shenton Way, Raffles Place, Tan Ling Wei, Andrew Hunter, JLL Hotels & Hospitality, CBRE Asia Pacific
The highly regarded QT Singapore, a luxury heritage hotel located in the bustling Central Business District (CBD), has been put up for sale by JLL Hotels & Hospitality Group and CBRE, who have been appointed as the exclusive joint marketing agents. Although the firms have not disclosed a specific guide price at this time, the 134-key hotel, situated in a beautiful heritage building along Robinson Road, is expected to fetch a high price.
Originally built in the 1920s for the Eastern Extension Telephone Company, the conservation building, once known as Ogilvy Centre, was sold to Royal Group through a URA tender in 2011. The property was then transformed into the popular So/ Singapore hotel, which opened its doors in 2014. In 2022, Vietnam real estate company Viva Land acquired the hotel for a whopping $240 million, which equates to $1.8 million per key. The hotel was later rebranded as Hotel Telegraph and commenced operations in the same year.
In 2023, Viva Land reportedly sold the hotel to Sunray Woodcraft Construction, with industry sources stating that the deal was valued between $170 million and $180 million, or $1.27 million to $1.34 million per key. The hotel was closed for renovations in April 2024 and emerged as a property under the renowned QT Hotels & Resorts brand, owned by Australian hospitality company EVT. QT Singapore officially opened to guests in September 2024, becoming the first QT property outside of Australia and New Zealand.
Conveniently located opposite Lau Pa Sat in the CBD, and within walking distance to four MRT stations (Downtown, Telok Ayer, Shenton Way and Raffles Place), QT Singapore is ideally situated to cater to the growing demand for authentic, experiential stays. “QT Singapore is ideally positioned to capture the growing demand for authentic, experiential-led stays while demonstrating robust investor interest for assets that blend architectural legacy and adaptive reuse within Singapore’s thriving hospitality sector,” says Tan Ling Wei, Senior Vice President at JLL Hotels & Hospitality.
According to JLL, the sale of QT Singapore is driven by the renewed interest in Singapore’s hotel sector, with an increase in capital focused on this asset class, as well as lower interest rates. Recent notable hotel transactions include The Garcha Group’s sale of Duxton Reserve, a 49-key boutique hotel on Duxton Road, for $80 million ($1.63 million per key) to a family office in May; and 8M Real Estate’s sale of 48-key boutique hotel 21 Carpenter on Carpenter Street for $100 million ($2.08 million per key) in April.
Andrew Hunter, Senior Director for Hotels and Hospitality at CBRE Asia Pacific, notes that investors are taking advantage of the rebound in international travel and recognizing the undersupply of lifestyle luxury hotels in Singapore.
The URA Master Plan has identified decentralisation as a crucial aspect, aiming to bring more amenities and job opportunities closer to homes. Sembawang will see the benefits of this with a particular focus on the development of regional centres and commercial nodes in the North Region, including the neighboring Woodlands Regional Centre. Positioned as the largest economic hub in the North, the Woodlands Regional Centre is expected to provide a substantial number of job opportunities across various industries such as business services, technology, and logistics. This development will greatly benefit the residents of Sembawang Road EC, as it will reduce the need for long commutes to the Central Business District and improve work-life balance. With the addition of the upcoming Sembawang EC, the community will have even greater access to employment opportunities closer to home.