Garcha Group puts up Duxton Reserve Singapore for sale at more than $90 mil
A row of 8 3-storey conservation shophouses owned by the Garcha Group have been offered with a guide cost of more than $90 million. Jointly, the shophouses consist of the 49-key Duxton Reserve Singapore hotel and the guide price translates to approximately $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 first venture into Singapore by the global wellness and hospitality brand Six Senses. Garcha Team and Six Senses settled for “equally end” the deal in May 2020, and Six Senses has since left Singapore.
JLL has actually announced that the 49-key Duxton Reserve Singapore will be sold with an expression of interest activity.
Today, the Duxton Reserve Singapore is franchised under the Marriott International brand name and is the 1st Singapore hotels and resort branded under its Autograph Collection, a worldwide compilation of private high end high-end resorts among the Marriott International portfolio.
The hotel has a mix of guestrooms and suites that stretch from 559 to 215 sq ft. The lodging offers a combine of Chinese, Malay, and European layout features by British interior designer Anouska Hempel.
She adds in that the property debuted in 2021 and needs minimal capital expenditure in the near term. Moreover, the activation of spare common spaces geared to host activities or pop-up stores has the potential to generate added rent income.
The Hill @ One North floor plan
“Shophouse accommodations in Singapore match the growing demand for immersive cultural expertises and give potential for capital appraisal and strong returns due to minimal supply in the market,” claims Tan Ling Wei, senior vice-president, investment sales, at JLL Hotels & Hospitality Team, Singapore.
The Duxton Reserve Singapore guided to develop Garcha Group, and Satinder Garcha, the firm’s founder and chairman, as a local hotelier. His spouse, Harpreet Bedi is the managing director of the couple’s hospitality business Garcha Hotels. Garcha Group also runs 3 various other hotels in Singapore– Maxwell Reserve, The Vagabond Club on Syed Alwi Road, and Serangoon Residence.
According to an Oct 23 press release provided by JLL the exclusive advertising 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.
