Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
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 layout features by British interior designer Anouska Hempel.
The Duxton Reserve Singapore assisted to establish Garcha Team, and Satinder Garcha, the business’s founder and director, as a community hotelier. His other half, Harpreet Bedi is the managing director 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 Road, and Serangoon Property.
JLL has stated that the 49-key Duxton Reserve Singapore are going to be sold through an expression of interest activity.
The Duxton Reserve and Maxwell Reserve initially come out in 2018 as Six Senses Duxton and Six Senses Maxwell, and were actually the initial foray into Singapore by the global wellness and friendliness brand Six Senses. Garcha Group and Six Senses acknowledged “equally finish” the agreement in May 2020, and Six Senses has already afterward departed Singapore.
A row of 8 3-storey conservation shophouses managed by the Garcha Group have been put up for sale with a guide rate of more than $90 million. Collectively, the shophouses comprise the 49-key Duxton Reserve Singapore hotel and the guide cost equates to roughly $1.8 million per key.
“Shophouse lodgings in Singapore achieve the expanding need for immersive cultural expertises and give potential for capital appraisal and secure returns because of restricted source available,” claims Tan Ling Wei, senior vice-president, investment sales, at JLL Hotels & Hospitality Group, Singapore.
According to an Oct 23 press release issued by JLL the exclusive marketing agent, the amalgamated properties remain on a 9,775 sq ft location and have a built-up area of about 34,000 sq ft.
Nowadays, the Duxton Reserve Singapore is franchised underneath the Marriott International label and is the very first Singapore hotels and resort branded under its Autograph Collection, a global collection of private upscale high-end hotels within the Marriott International portfolio.
She includes that the property released in 2021 and needs minimal capital investment in the nearby term. In addition, the activation of extra typical areas geared to host activities or pop-up stores has the potential to yield additional rent earnings.