Berthing pains for Asia's rich put wind in the sails of marina developers
Published on Apr 28, 2014 5:57 AM
SINGAPORE (REUTERS) - Marina developers in South-east Asia are racing to build berths to address the latest problem vexing Asia's rapidly growing ranks of ultra-rich: insufficient parking lots for their superyachts.
Yacht sales in Asia currently account for 9 per cent of the global market share, according to consultancy Wealth-X. While the number falls behind North America's 44 per cent and Europe's 34 per cent, industry experts expect sales to pick up rapidly within the next few years as the number of multi-millionaires in the region increases.
The boom has far outstripped infrastructure growth, resulting in some awkward moments when boats pull up to moor.
The shortage is most acute in Hong Kong and Singapore where space, whether on land or on water, is scarce and the number of multi-millionaires among the highest in the world. Singapore's ONE15 Marina Club, where monthly berth rentals cost $10,000 for a 40m boat, is currently at full capacity. Hong Kong's Discovery Bay Marina Club, where berth rentals start at $6,000 for a similar sized yacht, is also full.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!