Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
The inn has a blend of guestrooms and suites that vary from 559 to 215 sq ft. The lodging features a mix of Chinese, Malay, and European design features by British interior professional Anouska Hempel.
She adds in that the property debuted in 2021 and requires restricted capital expenditure in the near term. Additionally, the activation of spare common spaces geared to host events or pop-up stores has the potential to yield added rental income.
A row of 8 3-storey conservation shophouses owned by the Garcha Group have been put up for sale with an overview cost of greater than $90 million. Collectively, the shophouses comprise the 49-key Duxton Reserve Singapore hotel and the guide value translates to around $1.8 million per key.
“Shophouse accommodations in Singapore match the expanding need for immersive social knowledge and deliver potential for capital appreciation and stable returns due to minimal stock available,” claims Tan Ling Wei, senior vice-president, investment sales, at JLL Hotels & Hospitality Team, Singapore.
The Duxton Reserve Singapore assisted to establish Garcha Group, and Satinder Garcha, the firm’s founder and director, as a local area hotelier. His wife, Harpreet Bedi is the supervising administrator of the couple’s reception service Garcha Hotels. Garcha Group also owns 3 other lodgings in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Road, and Serangoon Residence.
According to an Oct 23 news release issued by JLL the exclusive advertising and marketing representative, the amalgamated real estates sit on a 9,775 sq ft location and have a built-up area of approximately 34,000 sq ft.
The Duxton Reserve and Maxwell Reserve firstly released in 2018 as Six Senses Duxton and Six Senses Maxwell, and were actually the initial foray into Singapore by the global health and friendliness label Six Senses. Garcha Group and Six Senses acknowledged “mutually finish” the agreement in May 2020, and Six Senses has since left Singapore.
At present, the Duxton Reserve Singapore is franchised within the Marriott International brand and is the first Singapore hotel branded under its Autograph Collection, an international compilation of independent high end high-end hotels within the Marriott International portfolio.
JLL has actually released that the 49-key Duxton Reserve Singapore will be put up for sale via an expression of interest activity.