Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
A row of eight 3-storey conservation shophouses operated by the Garcha Group have been offered with an overview price of more than $90 million. Jointly, the shophouses make up the 49-key Duxton Reserve Singapore hotel and the overview cost translates to roughly $1.8 million per key.
The Duxton Reserve and Maxwell Reserve originally debuted in 2018 as Six Senses Duxton and Six Senses Maxwell, and were the very first venture right into Singapore by the international health and hospitality brand Six Senses. Garcha Team and Six Senses settled for “together end” the contract in May 2020, and Six Senses has since left Singapore.
According to an Oct 23 announcement issued by JLL the exclusive advertising representative, the amalgamated properties sit on a 9,775 sq ft site and have a built-up area of approximately 34,000 sq ft.
She adds that the property released in 2021 and requires limited capital investment in the nearby term. Furthermore, the activation of extra usual areas geared to host events or pop-up stores has the potential to generate additional rent revenue.
The Arcady @ Boon Keng Singapore
The inn has a mix of guestrooms and suites that vary from 559 to 215 sq ft. The hotel offers a combine of Chinese, Malay, and European style features by British interior designer Anouska Hempel.
Nowadays, the Duxton Reserve Singapore is franchised under the Marriott International brand and is the very first Singapore accommodation branded under its Autograph Collection, a worldwide compilation of independent upscale luxury hotels among the Marriott International profile.
The Duxton Reserve Singapore assisted to develop Garcha Team, and Satinder Garcha, the company’s creator and director, as a local area hotelier. His spouse, Harpreet Bedi is the managing supervisor of the couple’s hospitality establishment Garcha Hotels. Garcha Group also owns three various other lodgings in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Roadway, and Serangoon House.
“Shophouse hotels in Singapore meet the expanding demand for immersive cultural knowledge and offer potential for capital appreciation and stable earnings due to minimal source in the market,” claims Tan Ling Wei, senior vice-president, financial investment sales, at JLL Hotels & Hospitality Group, Singapore.
JLL has actually announced that the 49-key Duxton Reserve Singapore are going to be offered via an expression of interest activity.