Developer KOP sails into yacht business

PROPERTY developer KOP Group is moving into the yacht business with the launch of a $48 million joint venture that is poised to sell and manage luxury cruisers.

The new business, Princess Yachts Asia, has secured the exclusive distribution rights for British luxury yacht brand Princess Yachts in Singapore and most of China.

KOP and its partner, China conglomerate Reignwood Group, whose businesses include property development, are investing the money over the next 12 months. KOP holds a 40 per cent stake, and Reignwood 60 per cent.

Initially, the business is offering four Princess yachts in Singapore for sale or lease.

KOP has set up yacht management service company Aqua Voyage to work alongside Princess Yachts Asia and offer private cruises to destinations across Asia. It will also help yacht owners lease out their boats on the charter market.

KOP’s chief executive officer, Ms Ong Chih Ching, said yesterday that the group’s foray into the leisure marine sector was based on what it saw as the huge growth potential in Singapore.

‘As Singapore’s status as a luxury lifestyle destination grows… we believe there’s an opportunity for us to elevate Singapore as a global leisure boat and luxury lifestyle hub,’ she said.

The number of marinas in Singapore has grown steadily over the years and now includes the Marina at Keppel Bay, One Degree 15 Marina Club on Sentosa island, the Republic of Singapore Yacht Club on the West Coast and Raffles Marina at Tuas.

KOP group is majority-owned by the Dubai Group and known for innovative residential projects in Singapore, such as the luxury Hamilton Scotts high-rise condominium that features special elevators that carry cars up to the residential units.

The group is currently looking for opportunities to enter Singapore’s mid-market residential segment in city-fringe areas, said Ms Ong. It has set aside some $350 million for international business opportunities in the next 12 to 18 months.

KOP is also in talks with local travel agencies to begin offering customised cruises to destinations in Asia.

Reignwood Group chairman Chanchai Ruayrungruang said: ‘We are confident that this venture will be successful in meeting considerable pent-up demand for the nautical lifestyle here.’

Ms Ong added: ‘We have got a very positive response so far. We believe that yachts will become a mainstream experience in Singapore soon.

Source : Straits Times – 29 Sep 2009

Singapore: Jewel at the heart of Asia’s cruising grounds

THE fact that Singapore is a tiny red dot in the middle of a vast archipelagic region is both a boon and a bane to the luxury marine leisure lifestyle. It’s diminutive size means that there are severe constraints on everything from cruising grounds to marina space.

But being the richest kid on the block also means that it has the best of everything and is within easy reach of some of the top undiscovered cruising areas in the world.

Of Singapore’s seven marinas, only four can be considered luxury with the facilities and prestige to suit the high-life – the newest and poshest being Marina at Keppel Bay and One Degree 15 Marina Club, while the Republic of Singapore Yacht Club and Raffles Marina both have a strong heritage but look a bit worn.

The former two are the new kids on the block with excellent locations, One Degree 15 Marina Club at the heart of the prestigious Sentosa Cove waterfront district on Sentosa island and Keppel Land’s Marina at Keppel Bay anchoring the prestigious Caribbean and Reflections developments in its Keppel Bay precinct.

Singapore’s oldest yacht club, the tradition-bound Republic of Singapore Yacht Club lists a host of illustrious personalities among its membership. President S R Nathan is its patron and honorary members include the Sultan of Johore.

The club is on the once rustic southwest coast, unfortunately now taken over by the rapid development of Singapore’s port infrastructure.

At the western tip of the island is Singapore’s first marina to have dedicated superyacht berths for yachts up to 200 feet long. But its location in industrial Tuas, just next to the Second Link, detracts much from any glamour it may have sought. While it is not uncommon for superyachts to berth at Raffles, they are usually there just to resupply the vessel on the way to the region’s cruising grounds or to get maintenance work done.

Finally, those lucky, or wealthy, enough to own a property with their own private jetty in Sentosa Cove, which has a canal-and-lock system running right through the development, can bring boats of up to 40 feet in length right up to their housefronts.

For many people, the marine leisure lifestyle is either about boats or marinas and sometimes both. Being seen at the right marina spot at the right time is almost as important as which boat you are on and with whom.

One Degree 15’s clubhouse is designed as an ultra-modern cool place to hang out with a range of restaurants, bars and cafes as well as full facilities like an infinity pool, members’ lounge and gym.

The club’s exclusive resort feel is a natural attraction for the jet-setting glamour set that have come to make Sentosa Cove their home and playground. The club is a magnet for prestigious events. Come this Christmas, the marina will host the Singapore stopover of the Volvo Ocean Race.

Marina at Keppel Bay’s excellent location close to the city and within an area that is rapidly becoming a prime waterfront location on the southern coast is also making it a staple of the hip, beautiful people. The glamour events often held there and the fashionable party-going crowd make it the place to be seen on weekend nights.

But the on-land aspect of marina high-living is literally just half the story.

Many of the boats berthed at the marinas are super exclusive entertainment platforms in their own right, plus they have the benefit of not being location specific.

Events can range from a low-key exclusive dinner cruise round the Southern islands to an uber-glamorous party at the dock for a select guest list.

Options range from some of the smaller 20-plus metre cruisers to real superyachts like the 35-metre Hye Seas II to those bordering on the megayacht range like the 50-metre JeMaSa and 45-metre Moecca. These are all yachts that are available for charter if you have the right cash and credentials.

Of course, there are some things that even money cannot buy. Prime among these would be invitations aboard superyachts owned by Singapore tycoons like Yantai Raffles boss Brian Chang’s Asean Lady, Nippon Paint’s Goh Cheng Liang’s White Rabbit and the Shaw family’s Sea Shaw.

Glamour does not have to be restricted to Singapore’s shores and seas. Being at the heart of Asia’s prime cruising grounds means that you can take off on one of these sea limos to anywhere you want with a couple of your closest friends or best business associates, taking along all the entertainment you could possibly need.

The Thai beach playground of Phuket is just 500-odd nautical miles or about a day and a half’s cruise away, and likewise the exquisite diving grounds of the Anambas islands in the South China Sea.

Pure charter brokers like Simpson Marine, Kingfisher Marine and Summit Marine can help arrange the boating side of things while broader-based lifestyle events companies Dragon Blaze and Lifestyle Adventures Asia will be able to enhance the experience beyond the water as well.

The cost? As they say in the glamour circles, if you have to ask you can’t afford it. But just to give a rough idea so you don’t embarrass yourself, a ballpark figure would be about a quarter million US dollars for a week’s use of the boat, not including fuel and all other expenses.

And by the way, you will need a resume and an interview before even being considered as a potential charterer. Asking how much it costs would not be a good way to start the conversation.

Business Times – 26 Sep 2008