• Singapore Developer Invests in Major New Marina

    17 July 2018

    The Singapore developer, SUTL Enterprise Limited, announced yesterday (Feb 22) that the company had entered into a conditional sale and purchase agreement to acquire a 60% stake in Makham Bay Marina Co Ltd (MBM), which has its registered office in Bangkok, for S$5.6mn (B133.5mn).

    “MBM has construction permits and development rights for a proposed marina to be located at Makham Bay, Phuket, Thailand, for which it holds the land side and accompanying water area body for a 30-year leasehold period,” said the announcement.

    The project’s total construction cost is estimated to be S$24.3mn (B579,296,120.80).

    As part of the agreement, SUTL will be involved in the design, construction, development, operation and maintenance of an exclusive, world-class integrated marina club and its intended marina facilities.

    “The integrated marina club is positioned as a nautical lifestyle resort equipped with yacht chartering for nautical sports and recreation programs, spa & wellness area and hotel room facilities to cater to both members and the general public,” said the announcement.

    The facilities will feature a 171-berth marina, which can accommodate super-yachts up to 200 feet and 25 hard-stand spaces with 80 dry-stack storage. The hospitality component will include 66 hotel rooms including four three-bedroom villas, a spa, a gym, a lifestyle pool, meeting rooms, banquet hall and multiple F&B outlets.

    Other facilities such as boat brokers’ offices, dive operators, yacht charter companies, retail shops and other nautical lifestyle related outlets are also part of the development.

    “When complete, the Project will be the only integrated marina club in the southern part of Phuket, among the island’s most luxurious resorts. In addition, members-only facilities will be provided as part of the overall development to service up to 2,000 members. This is in line with the Group’s vision of focusing and promoting the marina and yachting tourism lifestyle,” said SUTL in the announcement.

    “It is also close to popular destination such as Phi Phi Islands, which may excite many yachters and holiday makers. I believe the location coupled with the added attributes of ONE°15, which has become synonymous with high-end amenities and the warm hospitality of a world-class integrated marina brand, will serve to boost Phuket’s marine industry to the next level.”

    The ONE°15 Marina Sentosa Cove, Singapore was the first marina built by SUTL. The Phuket project will be the seventh marina to bear the ONE°15 brand.

    Most recently, in October last year, the SUTL clinched a contract to manage a marina in Taihu Lake, Suzhou, China, under the ONE°15 brand.

    In addition, SUTL has an agreement with UEM Sunrise Bhd to incorporate a joint venture company to develop a public marina, a private marina and a superyacht marina in Puteri Harbour of Iskandar Puteri in Iskandar Malaysia, Johor. All will be branded ONE°15, the company noted in its announcement.

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