Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
Nowadays, the Duxton Reserve Singapore is franchised following the Marriott International brand and is the 1st Singapore hotels and resort organization under its Autograph Collection, a worldwide selection of independent high end luxury resorts among the Marriott International portfolio.
She adds in that the real property released in 2021 and requires restricted capital investment in the nearby term. Additionally, the activation of additional common areas geared to host events or pop-up stores has the potential to generate more leasing earnings.
According to an Oct 23 press release issued by JLL the exclusive advertising and marketing representative, the amalgamated real estates remain on a 9,775 sq ft site and have a built-up area of around 34,000 sq ft.
“Shophouse hotels in Singapore achieve the expanding demand for immersive cultural knowledge and provide potential for capital appreciation and secure revenues due to restricted supply available,” 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 offered via an expression of interest exercise.
The hotel has a mix of guestrooms and suites that stretch from 559 to 215 sq ft. The hotel features a combine of Chinese, Malay, and European style elements by British interior designer Anouska Hempel.
The Duxton Reserve Singapore assisted to establish Garcha Team, and Satinder Garcha, the company’s founder and director, as a community hotelier. His better half, Harpreet Bedi is the handling director of the couple’s hospitality establishment Garcha Hotels. Garcha Group also manages 3 other hotels in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Roadway, and Serangoon House.
A row of eight 3-storey conservation shophouses operated by the Garcha Group have actually been put up for sale with an overview cost of greater than $90 million. Jointly, the shophouses consist of the 49-key Duxton Reserve Singapore hotel and the guide price equates to about $1.8 million per key.
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 brand Six Senses. Garcha Team and Six Senses acknowledged “jointly end” the arrangement in May 2020, and Six Senses has already since departed Singapore.
