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Singapore developer enters deal for new B579mn marina in Phuket

PHUKET: The owner and operator of the ONE°15 Marina at Sentosa Cove in Singapore has bought a 60% stake in a Thai company that already has construction permits to build a B579 million 171-berth marina with adjoining 66-room hotel on 24 rai near the Phuket Deep Sea Port at Ao Makham, on Phuket’s southeast coast.

construction, economics, marine, property, transport, tourism,


Chris Husted

Friday 23 February 2018, 12:46PM


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

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 project will bear the ONE°15 brand, the statement confirmed.

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.

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“We have been looking for an ideal location to establish a ONE°15 marina in Thailand for a very long time and we believe we have found the right site in Makham Bay. The upcoming marina is adjacent to the only deep seaport in Phuket and being naturally sheltered, it will offer 24-hour access to yachts with no tidal restrictions,” said SUTL Enterprise Executive Director and Chief Executive Officer Arthur Tay.

“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.”

Mr Tay said: “Phuket’s marine industry has grown rapidly in the past decade such that the existing marinas are struggling to cope with the demand. The Thai government recognises this burgeoning tourism sector and is keen to develop and promote Phuket as a premium yachting destination by encouraging more investment in infrastructure to support this industry. SUTL Enterprise is pleased to play a part to contribute to the larger plan and at the same time plant the ONE°15 brand in Thailand.”

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.

Besides its first ONE°15 branded marina outside Singapore – the ONE°15 Brooklyn Marina in New York – SUTL is currently providing consultancy services for a soon-to-be-completed project in Indonesia, Jakarta, named Indonesian Navy Club managed by ONE°15. The Group will provide management services for the Indonesian marina upon completion in 2019.

Elsewhere in the region, SUTL is providing consultancy services to a marina in Guishan in Zhuhai, China, that will be named ONE°15 Marina Guishan and which will be managed by SUTL when completed later this year.

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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