Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
According to an Oct 23 announcement published 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 about 34,000 sq ft.
A row of 8 3-storey conservation shophouses managed by the Garcha Group have been offered with an overview rate of more than $90 million. Jointly, the shophouses make up the 49-key Duxton Reserve Singapore hotel and the overview cost translates to approximately $1.8 million per key.
JLL has announced that the 49-key Duxton Reserve Singapore are going to be put up for sale with an expression of interest exercise.
She includes that the real property debuted in 2021 and needs limited capital expenditure in the near term. Furthermore, the activation of additional usual areas geared to host activities or pop-up stores has the potential to generate added rental earnings.
The Duxton Reserve Singapore guided to develop Garcha Group, and Satinder Garcha, the firm’s creator and director, as a local area hotelier. His other half, Harpreet Bedi is the handling administrator of the couple’s hospitality service Garcha Hotels. Garcha Group also owns three other hotels in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Roadway, and Serangoon Residence.
These days, the Duxton Reserve Singapore is franchised underneath the Marriott International label and is the 1st Singapore hotel branded under its Autograph Collection, an international collection of independent high end luxury resorts within the Marriott International portfolio.
“Shophouse lodgings in Singapore match the expanding demand for immersive social experiences and provide possible for capital valuation and secure yields due to restricted source available,” claims Tan Ling Wei, senior vice-president, investment sales, at JLL Hotels & Hospitality Team, Singapore.
The hotel has a blend of guestrooms and suites that vary from 559 to 215 sq ft. The resort features a combine of Chinese, Malay, and European design elements by British interior professional Anouska Hempel.
The Duxton Reserve and Maxwell Reserve originally come out in 2018 as Six Senses Duxton and Six Senses Maxwell, and were actually the very first venture into Singapore by the worldwide wellness and friendliness brand Six Senses. Garcha Team and Six Senses acknowledged “jointly close” the deal in May 2020, and Six Senses has since departed Singapore.
