Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
According to an Oct 23 press release issued by JLL the exclusive marketing representative, the amalgamated properties remain on a 9,775 sq ft location and have a built-up area of around 34,000 sq ft.
“Shophouse lodgings in Singapore match the growing need for immersive social expertises and provide potential for capital valuation and stable returns due to restricted stock on the market,” claims Tan Ling Wei, senior vice-president, investment sales, at JLL Hotels & Hospitality Team, Singapore.
The inn has a blend of guestrooms and suites that stretch from 559 to 215 sq ft. The lodging features a mix of Chinese, Malay, and European design details by British interior creator Anouska Hempel.
JLL has announced that the 49-key Duxton Reserve Singapore will be offered via an expression of interest event.
Nowadays, the Duxton Reserve Singapore is franchised within the Marriott International label and is the 1st Singapore hotel branded following its Autograph Collection, an international collection of independent upscale deluxe hotels around the Marriott International selection.
The Duxton Reserve and Maxwell Reserve initially released in 2018 as Six Senses Duxton and Six Senses Maxwell, and were actually the first venture into Singapore by the worldwide health and friendliness company Six Senses. Garcha Team and Six Senses agreed to “equally close” the arrangement in May 2020, and Six Senses has already afterward left Singapore.
She adds in that the property debuted in 2021 and needs limited capital expenditure in the near term. Additionally, the activation of spare typical areas geared to host events or pop-up stores has the potential to generate more rent revenue.
A row of 8 3-storey conservation shophouses owned by the Garcha Group have actually been offered with a guide price of more than $90 million. Collectively, the shophouses make up the 49-key Duxton Reserve Singapore hotel and the overview cost translates to approximately $1.8 million per key.
The Duxton Reserve Singapore assisted to develop Garcha Group, and Satinder Garcha, the firm’s founder and chairman, as a local hotelier. His better half, Harpreet Bedi is the managing director of the couple’s accommodation service Garcha Hotels. Garcha Group also owns three various other resorts in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Roadway, and Serangoon Property.