Timemerchant%E2%80%99S Leo Koguan Acquire 21 Carpenter 100 Mil Sets Record Price 208 Mil Key
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Leo KoGuan, a wealthy Indonesian businessman based in Singapore and director of Timemerchant Capital, has agreed to purchase the 48-key boutique hotel 21 Carpenter from 8M Real Estate. The purchase price is rumored to be a record-breaking $100 million, setting a new high of $2.08 million per key.
The acquisition will involve Timemerchant Capital acquiring the leasehold interest through the purchase of shares in the holding and operating companies. This deal, facilitated by JLL, marks the largest shophouse transaction in Singapore in terms of price and also marks Timemerchant’s first hotel acquisition in Singapore.
According to a press release from April 2nd, the sale of 8M Real Estate’s landmark property will allow them to reinvest the profits into new opportunities that align with their refreshed brand promise of sustainable, community-driven development.
Located on New Bridge Road and Carpenter Street, 21 Carpenter is a combination of four conservation shophouses at 27, 29, 31, and 33 New Bridge Road. 8M Real Estate purchased the properties in February of 2018 for $37 million and renovated them into a boutique hotel, adding a five-story extension at the back of the building to accommodate more guest rooms. The hotel opened for business in December of 2023 and currently houses 48 guest rooms ranging from 323 to 603 square feet.
21 Carpenter has received several awards, including the Design of the Year award from the Singapore Institute of Architects and the Best Boutique Hotel award at the EdgeProp Excellence Awards in 2024. Designed by WOHA Architects, the building’s architecture pays homage to its past as a former remittance house.
KoGuan says, “My mission is to make a meaningful contribution to society. As a new member of the community, I am committed to enhancing the welfare, culture, and heritage of Singapore. This boutique hotel plays a vital role in enriching Singapore’s cultural landscape, honoring its heritage, and celebrating the legacy of Chinese immigrants.”
KoGuan has made headlines as one of the largest individual shareholders in Tesla and as the founder and chairman of SHI International, a multinational IT solutions and services company.
Nihat Ercan, CEO of JLL’s Hotels & Hospitality Group in Asia Pacific, adds, “The sale of 21 Carpenter represents Singapore’s status as a premier international travel destination, and its strong economic fundamentals will continue to attract investors from around the world.”
8M Real Estate notes that the sale comes at a time when Singapore’s hospitality sector is flourishing thanks to its strong economy, increased investor interest, and a rise in tourism. The group also hints at potential future opportunities in the boutique hotel segment, thanks to government investments in infrastructure to maintain Singapore’s status as a top MICE destination.
In a separate landmark investment, M&G Real Estate has acquired a 25.3% stake in the Conrad Seoul Hotel in South Korea.