Singapore-based niche luxury hotel owner and property developer Garcha Group has completed the sale of its 49-key boutique hotel, Duxton Reserve, for $80 million — translating to about $1.63 million per key.
The buyer is Lotus One Investment Pte Ltd, the Singapore-based investment arm of Lotus Singapore, a family office established in 2016 by Chandra P. Khetan. He is the son of the late Mohan G. Khetan, one of Nepal’s wealthiest industrialists. The Khetan Group’s diverse portfolio spans banking, insurance, telecommunications, IT, real estate, energy, and beverages.
Now a Singapore resident, Chandra P. Khetan set up both the family office and its philanthropic arm, the Lotus Life Foundation, in the city-state in 2016.
The acquisition of Duxton Reserve — which occupies a row of eight conserved shophouses along Duxton Road in Tanjong Pagar — is aligned with Lotus One Investment’s strategy of long-term, value-driven investments in iconic and culturally significant assets, the firm said in a media statement.
“This acquisition is not only a strategic investment, but also a meaningful step in supporting the continued vitality of Singapore’s unique built environment,” said Nirmal Singh, director of Lotus One Investment. “We also see this as the beginning of a long-term partnership strategy with the Garcha Group, built around shared values and a commitment to distinctive hospitality.”
Duxton Reserve is managed under the Marriott International Autograph Collection brand. JLL Hotels & Hospitality Group brokered the sale. Lighthouse Canton, a Singapore-based global investment institution focused on wealth and asset management, acted as Lotus One Investment’s portfolio advisor.
Satinder Garcha, a prominent figure in Singapore’s polo community, acquired the property — then operating as the Berjaya Hotel — in 2013 for around $50 million, or just over $1.02 million per key. He subsequently undertook a refurbishment of the hotel, enlisting renowned British designer Anouska Hempel to transform the interiors. Today, the hotel operates as part of Marriott’s Autograph Collection.
“Duxton Reserve has been a defining project for us,” said Garcha, who also owns the 120-room Maxwell Reserve at Murray Terrace. That hotel, also housed in a heritage property and located in Tanjong Pagar, is similarly managed under Marriott’s Autograph Collection.
Ling Wei Tan, senior vice president of investment sales at JLL Hotels & Hospitality Group, noted that Duxton Reserve “attracted strong investor interest” since it was launched for sale in October 2024. The response underscores the growing appeal of boutique heritage properties, she adds, particularly those converted from shophouses.
