Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
The hotel has a mix of guestrooms and suites that range from 559 to 215 sq ft. The lodging offers a combine of Chinese, Malay, and European design details by British interior creator Anouska Hempel.
A row of 8 3-storey conservation shophouses operated by the Garcha Group have been offered with an overview cost of more than $90 million. Jointly, the shophouses consist of the 49-key Duxton Reserve Singapore hotel and the overview value equates to about $1.8 million per key.
She adds in that the real property debuted in 2021 and needs restricted capital expenditure in the near term. In addition, the activation of extra common areas geared to host events or pop-up stores has the potential to generate additional rental income.
The Duxton Reserve Singapore helped to develop Garcha Group, and Satinder Garcha, the company’s founder and chairman, as a local hotelier. His wife, Harpreet Bedi is the supervising administrator of the couple’s hospitality service Garcha Hotels. Garcha Group also runs three other lodgings in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Road, and Serangoon Residence.
Nowadays, the Duxton Reserve Singapore is franchised within the Marriott International company and is the 1st Singapore hotels and resort organization under its Autograph Collection, a worldwide selection of independent upscale luxury hotels around the Marriott International profile.
According to an Oct 23 press release issued by JLL the exclusive marketing representative, the amalgamated real estates remain on a 9,775 sq ft location and have a built-up area of around 34,000 sq ft.
JLL has actually disclosed that the 49-key Duxton Reserve Singapore will be put up for sale via an expression of interest exercise.
“Shophouse lodgings in Singapore match the expanding demand for immersive social experiences and provide potential for capital appreciation and strong returns because of restricted source in the market,” says Tan Ling Wei, senior vice-president, investment sales, at JLL Hotels & Hospitality Team, Singapore.
The Duxton Reserve and Maxwell Reserve originally debuted in 2018 as Six Senses Duxton and Six Senses Maxwell, and were the initial venture into Singapore by the international health and friendliness brand Six Senses. Garcha Team and Six Senses acknowledged “together finish” the deal in May 2020, and Six Senses has since exited Singapore.
