[SINGAPORE] QT Singapore, a luxury boutique hotel in the Central Business District, has been put on the market by Phoenix Property at an undisclosed guide price.
Phoenix Property is a consortium managed by a boutique asset management firm founded by Sunray Group’s executive director Charles Tan.
This move follows several other boutique hotel assets being marketed for sale recently, amid renewed investor interest in the hospitality sector.
In May, Duxton Reserve changed hands for S$80 million, or about S$1.6 million per key. The 49-key boutique hotel was sold by Singapore-based hospitality company The Garcha Group to Lotus One Investment, the investment arm of Lotus Singapore, a family office focused on ventures in South Asia.
In April, the 48-key shophouse hotel 21 Carpenter was sold by 8M Real Estate to Leo KoGuan, an Indonesia-born, Singapore-based billionaire. Industry sources indicated it was sold for S$100 million, or about S$2.1 million per key.
These deals demonstrated strong appetite for premium heritage hospitality assets, with 21 Carpenter setting a new benchmark of about S$2 million per key, said Tan Ling Wei, JLL’s senior vice-president of hotels and hospitality.
She also observed heritage properties receiving “robust interest” from both foreign and local high-net-worth individuals and family offices.
QT Singapore comprises 134 rooms, ranging from 24 square metres (sq m) to 92 sq m in size.
The luxury boutique hotel is close to several global financial institutions and multinational corporations. It is also within walking distance to food and beverage, entertainment and lifestyle offerings, such as Lau Pa Sat and Marina Bay Sands.
The hotel sits on a 1,860 sq m site, with a gross floor area of 7,450 sq m spread over six floors. It has 46 years remaining under its leasehold tenure, which is until 2071, with potential for an extension.
The building was fully refurbished in 2024 to rebrand under QT Hotels & Resorts, which is owned by Australian hospitality group EVT. Marketing agents JLL and CBRE said the sale of QT Singapore will come with the existing QT brand and management.
Before QT Singapore opened, the building on 35 Robinson Road housed Hotel Telegraph, a boutique luxury hotel in a four-storey colonial building. Hotel Telegraph closed on Apr 1, 2024, to make way for the new QT property.
JLL noted that the rebound in travel and a softer interest-rate environment have drawn both local and regional capital into Singapore’s luxury hotel sector – a market in which “only five luxury hotels over 100 keys” have changed hands in the past decade.
Andrew Hunter, senior director of hotels and hospitality at CBRE Asia Pacific, said: “Incoming investors are looking to take advantage of the rebound in international travel and are aware that Singapore is acutely undersupplied in the lifestyle luxury space.”
For the first eight months of 2025, the Republic recorded about 11.6 million visitor arrivals, 2.7 per cent higher than in the year-ago period, based on the latest data from the Singapore Tourism Board.
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