Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
According to an Oct 23 announcement issued by JLL the exclusive marketing representative, the amalgamated real estates sit on a 9,775 sq ft location and have a built-up area of approximately 34,000 sq ft.
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 consist of the 49-key Duxton Reserve Singapore hotel and the overview cost equates to around $1.8 million per key.
“Shophouse accommodations in Singapore match the expanding demand for immersive cultural expertises and deliver possible for capital appreciation and strong revenues due to limited stock on the market,” claims Tan Ling Wei, senior vice-president, financial investment sales, at JLL Hotels & Hospitality Team, Singapore.
J’Den Condo Jurong East Central Road
The hotel has a mix of guestrooms and suites that vary from 559 to 215 sq ft. The lodging offers a mix of Chinese, Malay, and European design features by British interior designer Anouska Hempel.
She adds that the property released in 2021 and demands minimal capital investment in the near term. Moreover, the activation of spare common spaces geared to host events or pop-up stores has the potential to yield additional rent revenue.
These days, the Duxton Reserve Singapore is franchised within the Marriott International brand and is the 1st Singapore accommodation branded under its Autograph Collection, an international compilation of independent upscale high-end resorts among the Marriott International collection.
The Duxton Reserve and Maxwell Reserve originally released in 2018 as Six Senses Duxton and Six Senses Maxwell, and were actually the very first foray right into Singapore by the global health and friendliness company Six Senses. Garcha Team and Six Senses acknowledged “together terminate” the agreement in May 2020, and Six Senses has already since left Singapore.
The Duxton Reserve Singapore guided to develop Garcha Team, and Satinder Garcha, the business’s founder and chairperson, as a local hotelier. His wife, Harpreet Bedi is the handling administrator of the couple’s accommodation business Garcha Hotels. Garcha Group also manages three various other hotels in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Road, and Serangoon Property.
JLL has announced that the 49-key Duxton Reserve Singapore will be put up for sale with an expression of interest exercise.