Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
The Duxton Reserve and Maxwell Reserve initially released in 2018 as Six Senses Duxton and Six Senses Maxwell, and were the very first foray right into Singapore by the international wellness and hospitality company Six Senses. Garcha Team and Six Senses settled for “together finish” the deal in May 2020, and Six Senses has afterward left Singapore.
“Shophouse hotels in Singapore match the expanding need for immersive social knowledge and offer potential for capital valuation and strong returns due to minimal stock available,” claims Tan Ling Wei, senior vice-president, financial investment sales, at JLL Hotels & Hospitality Team, Singapore.
The inn has a mix of guestrooms and suites that range from 559 to 215 sq ft. The hotel offers a combine of Chinese, Malay, and European layout features by British interior creator Anouska Hempel.
JLL has stated that the 49-key Duxton Reserve Singapore are going to be put up for sale via an expression of interest exercise.
According to an Oct 23 announcement issued by JLL the exclusive advertising and marketing agent, the amalgamated real estates sit on a 9,775 sq ft location and have a built-up area of around 34,000 sq ft.
She adds in that the property released in 2021 and requires minimal capital investment in the nearby term. Furthermore, the activation of spare common spaces geared to host activities or pop-up stores has the potential to generate more rental income.
A row of eight 3-storey conservation shophouses managed by the Garcha Group have actually been offered with an overview price of greater than $90 million. Jointly, the shophouses consist of the 49-key Duxton Reserve Singapore hotel and the guide price equates to around $1.8 million per key.
These days, the Duxton Reserve Singapore is franchised under the Marriott International brand and is the first Singapore hotel branded following its Autograph Collection, an international selection of independent upscale luxury hotels within the Marriott International selection.
The Duxton Reserve Singapore assisted to establish Garcha Team, and Satinder Garcha, the company’s creator and director, as a local hotelier. His wife, Harpreet Bedi is the supervising director of the couple’s reception business Garcha Hotels. Garcha Group also manages 3 various other hotels in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Roadway, and Serangoon Residence.