Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
The hotel has a blend of guestrooms and suites that vary from 559 to 215 sq ft. The hotel features a mix of Chinese, Malay, and European design features by British interior professional Anouska Hempel.
A row of eight 3-storey conservation shophouses operated by the Garcha Group have been put up for sale with a guide rate of more than $90 million. Jointly, the shophouses comprise the 49-key Duxton Reserve Singapore hotel and the overview value translates to roughly $1.8 million per key.
The Duxton Reserve and Maxwell Reserve firstly debuted in 2018 as Six Senses Duxton and Six Senses Maxwell, and were actually the very first foray right into Singapore by the worldwide wellness and friendliness brand Six Senses. Garcha Team and Six Senses agreed to “equally end” the contract in May 2020, and Six Senses has already afterward left Singapore.
According to an Oct 23 announcement issued by JLL the exclusive marketing agent, the amalgamated real estates sit on a 9,775 sq ft site and have a built-up area of around 34,000 sq ft.
The Duxton Reserve Singapore guided to establish Garcha Group, and Satinder Garcha, the firm’s founder and chairperson, as a local hotelier. His other half, Harpreet Bedi is the handling administrator of the couple’s reception establishment Garcha Hotels. Garcha Group also owns 3 other lodgings in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Road, and Serangoon House.
She includes that the property debuted in 2021 and requires minimal capital expenditure in the near term. Moreover, the activation of spare typical areas geared to host activities or pop-up stores has the potential to generate more rent revenue.
“Shophouse accommodations in Singapore match the expanding need for immersive cultural expertises and deliver possible for capital valuation and stable yields caused by minimal stock on the market,” says Tan Ling Wei, senior vice-president, financial investment sales, at JLL Hotels & Hospitality Team, Singapore.
JLL has actually disclosed that the 49-key Duxton Reserve Singapore will be put up for sale with an expression of interest event.
At present, the Duxton Reserve Singapore is franchised underneath the Marriott International company and is the first Singapore hotels and resort organization following its Autograph Collection, a global selection of independent upscale luxury resorts among the Marriott International portfolio.
