Key Takeaways
- • Sunray Singapore reportedly sold the QT Singapore hotel at 35 Robinson Road to a family office for over $260 million, or more than $1.94 million per key across 134 rooms, according to EdgeProp Singapore.
- • The sale implies an estimated gain of at least $65 million against Sunray's total investment of roughly $185 million to $195 million, before financing, taxes and other expenses.
- • The buyer's identity and the transaction price were not disclosed by the seller, which cited a non-disclosure agreement; the deal was negotiated directly between buyer and seller rather than through the JLL and CBRE marketing process launched in October 2025.
- • The hotel's repositioning under QT Hotels & Resorts reportedly delivered around 90% occupancy and average daily rates above $400 since reopening in September 2024.
Summary
QT Singapore, a 134-room luxury hotel housed in a conserved heritage building at 35 Robinson Road in the Singapore CBD, is reported by EdgeProp Singapore to have been sold to a family office for over $260 million. The reported price translates to more than $1.94 million per key. The property carries 45 years remaining on a 60-year lease from 2011. The seller is Sunray Singapore, a Tan-family-controlled investment company linked to Sunray Group Holdings, a Singapore-based building and interior fit-out specialist. Charles Tan, executive director of Sunray Group, declined to comment on the buyer's identity or the transaction price, citing a non-disclosure agreement.
Sunray acquired the property, then known as Hotel Telegraph, for an estimated $170 million to $180 million in late October 2023, or roughly $1.27 million to $1.34 million per key. It closed the hotel in late April 2024 and spent $15 million on renovations and asset enhancements, bringing its total estimated investment to $185 million to $195 million. Based on the reported sale price, the transaction would yield an estimated gain of at least $65 million before financing, taxes and other expenses.
The hotel reopened in September 2024 under QT Hotels & Resorts, a brand owned by Australian hospitality group EVT and marking its first hotel outside Australia and New Zealand. Tan said QT was selected as a "high-end lifestyle brand that is vibrant and young." The repositioning added food and beverage concepts including Cygnet, a Manhattan-style steakhouse with an oyster bar, and Rooftop at QT, a rooftop cocktail bar. Tan said the renovation was completed in four months, which he credited to close alignment among owner, contractor and operator and which saved on interest payments. According to Tan, occupancy has averaged around 90% and average daily rates have exceeded $400 since reopening.
The building dates to the 1920s, when it housed the Eastern Extension Telegraph Company, and later served as Ogilvy Centre, the former headquarters of Ogilvy & Mather. Royal Group acquired the site through a URA tender in 2011 for $86 million on a 60-year lease and opened it as the So Singapore hotel in 2014. Viva Land bought the hotel for $240 million in May 2022, or about $1.8 million per key, and rebranded it Hotel Telegraph. Viva Land put the asset up for sale in January 2023, citing rising interest rates and slowing global growth. QT Singapore returned to the market in October 2025 with JLL Hotels & Hospitality Group and CBRE as exclusive joint marketing agents, but according to Tan, the final transaction was negotiated directly between buyer and seller. Tan said the seller wanted a buyer committed to preserving the asset's heritage.
Sunray Woodcraft Construction, founded in 1987 as a family carpentry business, has grown into a major interior fit-out and building specialist with commercial, retail, hospitality, healthcare and entertainment projects. Its hospitality work includes asset enhancements at Raffles Hotel Singapore and Marina Bay Sands and the boutique 21 Carpenter hotel. In October, Sunray Group joined a consortium with Santarli Realty, Heeton Holdings and Kay Lim Holdings that won a Canberra Drive government land sale site for $163.9 million, or $825 psf per plot ratio, a record land rate for an executive condominium site expected to yield about 185 units. Tan described the company as private and opportunistic, saying it seeks to "leverage market gaps when making acquisitions."
Sunray acquired the property, then known as Hotel Telegraph, for an estimated $170 million to $180 million in late October 2023, or roughly $1.27 million to $1.34 million per key. It closed the hotel in late April 2024 and spent $15 million on renovations and asset enhancements, bringing its total estimated investment to $185 million to $195 million. Based on the reported sale price, the transaction would yield an estimated gain of at least $65 million before financing, taxes and other expenses.
The hotel reopened in September 2024 under QT Hotels & Resorts, a brand owned by Australian hospitality group EVT and marking its first hotel outside Australia and New Zealand. Tan said QT was selected as a "high-end lifestyle brand that is vibrant and young." The repositioning added food and beverage concepts including Cygnet, a Manhattan-style steakhouse with an oyster bar, and Rooftop at QT, a rooftop cocktail bar. Tan said the renovation was completed in four months, which he credited to close alignment among owner, contractor and operator and which saved on interest payments. According to Tan, occupancy has averaged around 90% and average daily rates have exceeded $400 since reopening.
The building dates to the 1920s, when it housed the Eastern Extension Telegraph Company, and later served as Ogilvy Centre, the former headquarters of Ogilvy & Mather. Royal Group acquired the site through a URA tender in 2011 for $86 million on a 60-year lease and opened it as the So Singapore hotel in 2014. Viva Land bought the hotel for $240 million in May 2022, or about $1.8 million per key, and rebranded it Hotel Telegraph. Viva Land put the asset up for sale in January 2023, citing rising interest rates and slowing global growth. QT Singapore returned to the market in October 2025 with JLL Hotels & Hospitality Group and CBRE as exclusive joint marketing agents, but according to Tan, the final transaction was negotiated directly between buyer and seller. Tan said the seller wanted a buyer committed to preserving the asset's heritage.
Sunray Woodcraft Construction, founded in 1987 as a family carpentry business, has grown into a major interior fit-out and building specialist with commercial, retail, hospitality, healthcare and entertainment projects. Its hospitality work includes asset enhancements at Raffles Hotel Singapore and Marina Bay Sands and the boutique 21 Carpenter hotel. In October, Sunray Group joined a consortium with Santarli Realty, Heeton Holdings and Kay Lim Holdings that won a Canberra Drive government land sale site for $163.9 million, or $825 psf per plot ratio, a record land rate for an executive condominium site expected to yield about 185 units. Tan described the company as private and opportunistic, saying it seeks to "leverage market gaps when making acquisitions."
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