Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
According to an Oct 23 press release published by JLL the exclusive advertising and 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.
JLL has disclosed that the 49-key Duxton Reserve Singapore are going to be sold through an expression of interest event.
She adds in that the property debuted in 2021 and demands restricted capital expenditure in the near term. Furthermore, the activation of extra typical spaces geared to host events or pop-up stores has the potential to generate additional rental revenue.
“Shophouse lodgings in Singapore meet the expanding demand for immersive social experiences and offer possible for capital appraisal and secure earnings due to restricted supply on the market,” states Tan Ling Wei, top vice-president, financial investment sales, at JLL Hotels & Hospitality Group, Singapore.
Today, the Duxton Reserve Singapore is franchised following the Marriott International label and is the first Singapore hotel organization following its Autograph Collection, a worldwide compilation of independent upscale deluxe hotels within the Marriott International collection.
The Duxton Reserve and Maxwell Reserve originally come out in 2018 as Six Senses Duxton and Six Senses Maxwell, and were the initial foray into Singapore by the global health and hospitality company Six Senses. Garcha Team and Six Senses agreed to “jointly finish” the arrangement in May 2020, and Six Senses has afterward left Singapore.
A row of eight 3-storey conservation shophouses owned by the Garcha Group have been put up for sale with a guide rate of more than $90 million. Jointly, the shophouses consist of the 49-key Duxton Reserve Singapore hotel and the guide cost translates to around $1.8 million per key.
The Duxton Reserve Singapore assisted to develop Garcha Team, and Satinder Garcha, the company’s owner and chairperson, as a local hotelier. His spouse, Harpreet Bedi is the handling administrator of the couple’s accommodation establishment Garcha Hotels. Garcha Group also manages 3 other lodgings in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Roadway, and Serangoon Property.
The inn has a mix of guestrooms and suites that stretch from 559 to 215 sq ft. The resort features a combine of Chinese, Malay, and European style details by British interior professional Anouska Hempel.
