JLL markets luxury heritage boutique hotel Duxton Reserve Singapore for sale

SINGAPORE, October 23, 2024 – JLL (NYSE: JLL) has been appointed as the exclusive advisor for the sale of the Duxton Reserve Singapore, Autograph Collection. Located at 80 and 83 Duxton Road, the meticulously restored heritage boutique hotel offers a highly sought-after investment opportunity, combining heritage charm with experiential hospitality.

The property is an amalgamation of eight three-storey conservation shophouses, situated on a site area of 9,775 square feet (sq ft) and approximate built-up area of 34,000 sq ft. Featuring 49 guestrooms and suites, ranging from 20 square metres (sqm) to 51 sqm, each room integrates elements from Chinese, Malay, and European cultures. Recently debuted in 2021, the asset was transformed by illustrious British interior designer Anouska Hempel and requires limited capital expenditure in the near term. 

The property has a guide price exceeding $90 million, which equates to approximately $2,647 per square foot (psf) or $1.8 million per key.

The hotel is franchised under the world-renowned Marriott International brand and holds the status of the first Autograph Collection property in Singapore. Positioned under this premium brand, it benefits from access to the extensive Marriott Bonvoy loyalty program, which boasts over 200 million members worldwide. This ensures consistent guest demand and attracts a global customer base.

The property is situated in a prime location at the heart of Tanjong Pagar, a trendy district known for its rich cultural heritage and diverse culinary offerings. This also provides hotel guests with convenient access to Singapore’s Chinatown, a cultural must-see with various attractions. The hotel is a 5-minute walk from Maxwell MRT station and a 6-minute drive from the Central Business District (CBD). The hotel's strategic proximity to both leisure and corporate hubs makes it an attractive choice for business and leisure travellers alike.

“Shophouse hotels in Singapore meet the growing demand for immersive cultural experiences and offer potential for capital appreciation and stable returns due to limited supply in the market. The property also presents an opportunity to maximize revenue through the activation of spare common areas, transforming them into vibrant spaces for events or pop-up stores, thus providing an avenue for additional rental income,” says Tan Ling Wei, Senior Vice President, Investment Sales, JLL Hotels & Hospitality Group, Singapore.

Singapore's robust tourism industry, supported by world-class infrastructure and numerous tourist attractions, amplifies the hotel's investment potential. Visitor arrivals to Singapore for 2024 are forecasted to be at 16 million visitors according to the Singapore Tourism Board (STB). Singapore staged a remarkable recovery in hospitality, achieving an all-time high RevPAR of $372 in 2023. The government's ongoing investments in infrastructure and various tourism initiatives are expected to drive sustained growth in visitor arrivals and hotel demand.

JLL is marketing the Duxton Reserve Singapore through an Expression of Interest (EOI) process. Detailed information on the property, including financial, legal, and property information, is available for review upon execution of a confidentiality agreement.