Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
The hotel has a blend of guestrooms and suites that stretch from 559 to 215 sq ft. The hotel offers a mix of Chinese, Malay, and European layout details by British interior creator Anouska Hempel.
She adds in that the real property debuted in 2021 and needs restricted capital expenditure in the nearby term. Furthermore, the activation of spare usual spaces geared to host activities or pop-up stores has the potential to yield more rental revenue.
According to an Oct 23 press release provided by JLL the exclusive advertising agent, the amalgamated properties remain on a 9,775 sq ft location and have a built-up area of about 34,000 sq ft.
The Duxton Reserve and Maxwell Reserve firstly released in 2018 as Six Senses Duxton and Six Senses Maxwell, and were the initial venture into Singapore by the worldwide health and friendliness label Six Senses. Garcha Team and Six Senses agreed to “mutually terminate” the contract in May 2020, and Six Senses has afterward departed Singapore.
These days, the Duxton Reserve Singapore is franchised underneath the Marriott International label and is the 1st Singapore hotels and resort organization under its Autograph Collection, a global compilation of independent upscale luxury resorts within the Marriott International portfolio.
A row of 8 3-storey conservation shophouses managed by the Garcha Group have been offered with a guide price of more 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.
“Shophouse hotels in Singapore achieve the expanding need for immersive cultural expertises and provide potential for capital appreciation and strong earnings caused by limited supply in the market,” says Tan Ling Wei, top vice-president, investment sales, at JLL Hotels & Hospitality Group, Singapore.
JLL has actually stated that the 49-key Duxton Reserve Singapore are going to be offered through an expression of interest event.
The Duxton Reserve Singapore assisted to establish Garcha Group, and Satinder Garcha, the firm’s owner and chairperson, as a local hotelier. His other half, Harpreet Bedi is the handling director of the couple’s accommodation establishment Garcha Hotels. Garcha Group also runs three various other hotels in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Road, and Serangoon House.