SINGAPORE—8M Real Estate has entered an agreement on the sale of 21 Carpenter, an iconic heritage property that seamlessly merges historic charm with contemporary luxury. In line with the company’s long-term commitment to community value, the sale of this mature asset will enable the reinvestment of the gains into new opportunities that align with its brand promise of sustainable, community-driven development.
Originally constructed in 1936 as a remittance house, 21 Carpenter comprises four conservation shophouses that have been expertly reimagined into a boutique hotel featuring 48 keys. The addition of a five-storey extension at the rear further enhances the property, creating a harmonious blend of historical elegance and modern sophistication.
Reflecting on the significance of this milestone, Darren Sabom, Managing Director, Investment Management of 8M Real Estate said, “We are pleased to have successfully executed our investment strategy with this sale, which unlocks new opportunities for growth. This achievement showcases the tangible benefits of our innovative asset management approach, and is a reflection of 8M’s commitment to sustainable and community-driven development.”
The transaction sees Timemerchant Capital Pte. Ltd. acquiring the leasehold interest through the purchase of 100% of the shares in the holding and operating companies, with the financial terms remaining undisclosed. This deal represents the largest shophouse transaction by quantum in Singapore, beating previous high-profile deals and underlining the scarcity and premium appeal of shophouse hotels in the region.
Nihat Ercan, Chief Executive Officer, JLL’s Hotels & Hospitality Group, Asia Pacific, stated, “Singapore’s status as a safe haven destination for hotel investors becomes more ironclad each year. The country continues to diversify its status as a bona fide global gateway market as an international travel destination, while its long-term economic fundamentals will ensure that its booming hotel sector will continue to attract a broader array from across the region and globe.”
Designed by WOHA Architects, 21 Carpenter has earned significant accolades, including the Singapore Institute of Architects (SIA) Design of the Year award and the Best Boutique Hotel award at the EdgeProp Excellence Awards 2024. These recognitions affirm the property’s pivotal role in setting new standards for design and sustainability in heritage hotel conversions.
The deal also marks Timemerchant’s inaugural hotel acquisition in Singapore, a testament to JLL’s extensive network and its ability to bring innovative capital sources into emerging markets.
“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,” commented Professor Leo KoGuan of Timemerchant Capital Pte. Ltd. “This boutique hotel plays a vital role in enriching Singapore’s cultural landscape, honouring its heritage, and celebrating the legacy of Chinese immigrants.”
