SUTL Enterprise to acquire majority stake in Thai company
Published: Friday, 23 February 2018
SUTL Enterprise Limited, a marina infrastructure developer and owner of the ONE°15 brand, has entered into a conditional sale and purchase agreement (the Agreement) to acquire a 60 per cent stake in Makham Bay Marina (MBM) for S$5.6 million.
(Photo: SUTL Enterprise - upcoming ONE°15 marina in Phuket )
MBM has construction permits and development rights for a proposed marina to be located at Makham Bay, Phuket, Thailand, for which it holds the landside and accompanying water area body for a 30-year leasehold period.
As part of the Agreement, SUTL Enterprise will be involved in the design, construction, development, operation and maintenance of this integrated marina club and its intended marina facilities. The project’s total construction cost is estimated to be S$24.3 million.
The integrated marina club is positioned as a nautical lifestyle resort equipped with yacht chartering for nautical sports and recreation programmes, spa and wellness area and hotel room facilities to cater to both members and the general public.
The project, which will bear the ONE°15 brand, will have a total land area of approximately 38,400sqm, and will feature a 171-berth marina, which can accommodate superyachts of up to 200ft and 25 hardstand spaces with 80 drystack 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 completed, the project will be the only integrated marina club in the southern part of Phuket. In addition, members-only facilities will be provided as part of the overall development to service up to 2,000 members.
SUTL Enterprise Executive Director Arthur Tay said: “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. It is also close to popular destinations such as Phi Phi Islands, which may excite many yachters and holidaymakers.
“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 Enterprise. Beside its Brooklyn Marina, SUTL Enterprise is currently providing consultancy services for a soon-to-be-completed project in Indonesia, Jakarta, named Indonesian Navy Club managed by ONE°15. This Phuket Project will be the seventh to bear its homegrown ONE°15 brand.