Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
The hotel has a mix of guestrooms and suites that vary from 559 to 215 sq ft. The resort presents a combine of Chinese, Malay, and European layout components by British interior creator Anouska Hempel.
A row of eight 3-storey conservation shophouses owned by the Garcha Group have been offered with a guide cost of greater than $90 million. Jointly, the shophouses comprise the 49-key Duxton Reserve Singapore hotel and the overview cost equates to roughly $1.8 million per key.
JLL has actually stated that the 49-key Duxton Reserve Singapore are going to be offered through an expression of interest activity.
According to an Oct 23 press release provided by JLL the exclusive marketing representative, the amalgamated properties remain on a 9,775 sq ft site and have a built-up area of approximately 34,000 sq ft.
At present, the Duxton Reserve Singapore is franchised underneath the Marriott International company and is the 1st Singapore accommodation organization following its Autograph Collection, a global compilation of independent upscale deluxe hotels around the Marriott International collection.
The Duxton Reserve Singapore assisted to develop Garcha Team, and Satinder Garcha, the business’s founder and chairperson, as a local area hotelier. His better half, Harpreet Bedi is the handling supervisor of the couple’s accommodation service Garcha Hotels. Garcha Group also runs three other lodgings in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Road, and Serangoon Residence.
The Duxton Reserve and Maxwell Reserve firstly released in 2018 as Six Senses Duxton and Six Senses Maxwell, and were the first foray into Singapore by the international wellness and hospitality company Six Senses. Garcha Team and Six Senses settled for “equally terminate” the contract in May 2020, and Six Senses has already since exited Singapore.
She adds that the property debuted in 2021 and needs restricted capital investment in the near term. Additionally, the activation of spare usual areas geared to host activities or pop-up stores has the potential to yield added rental revenue.
“Shophouse hotels in Singapore achieve the growing demand for immersive social expertises and provide possible for capital valuation and strong yields due to limited supply available,” says Tan Ling Wei, senior vice-president, investment sales, at JLL Hotels & Hospitality Group, Singapore.
