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Owner of ONE°15 Marina buys Majority stake in Developer of New Phuket Marina

SUTL Enterprise Limited, the owner of the ONE°15 Marina in Singapore, has just bought a majority stake in the Makham Bay Marina Co., Ltd, the developer of a New Phuket Marina at Ao Markham

Feb 24, 2018 | By Jonathan Ho

SUTL Enterprise Limited, the owner-operator of the ONE°15 Marina at Sentosa Cove in Singapore, has just bought a majority stake in the Makham Bay Marina Co., Ltd, the developer with the lucrative B579 million contract of building  New Phuket Marina to transform the Cape Panwa Peninsular at Ao Markham.

The investment representing an investment of S$24.3Million will see the Cape Panwa Peninsular transform into a 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.

“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.” – SUTL Enterprise Limited, owner of ONE°15 Marina

Owner of ONE°15 Marina buys Majority stake in Developer of New Phuket Marina

The conditional sale and purchase agreement was for the owner of ONE°15 Marina, SUTL Enterprise Limited to acquire a 60% stake in Makham Bay Marina Co., Ltd. for S$5.6 million.

According to a joint statement between SUTL Enterprise and Makham Bay Marina, “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,”

 

Neighbouring Makham Bay, Panwa Beach (or Khao Kad Beach) is already a burgeoning tourist destination, managing to retain a fair degree of its rustic charm in spite of intensive urbanization in the direct area. It’s still tranquil and a haven for people who like peace and quiet. Khao Khat is eight kilometres east of Phuket Town and covers the west coast of Cape Panwa. Its sand is rather rough and the water shallow but it’s certainly very scenic with views out across Chalong Bay and Lone Island. Luxury villas and condominiums line almost the entire beach but dotted in between are fishermen’s huts and at the far west end of the beach there is a mangrove swamp.

“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 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.” – SUTL Enterprise Executive Director and Chief Executive Officer, Mr Arthur Tay

The the design, construction, development, operation and maintenance of an exclusive, world-class integrated marina club and its intended marina facilities will add to variety of luxury lifestyle options in the Cape Panwa Peninsular.

The ONE°15 branded project will have a total land area of approximately 38,400m2, and 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 with luxury lifestyle facilities catering for 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.

According to SUTL, owner of ONE°15 Marina, “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.”

ONE°15 Marina Sentosa Cove, Singapore was the first marina built by SUTL Enterprise. The Phuket Marina Project will be the 7h to bear its homegrown ONE°15 brand, however, SUTL’s majority stake in Makham Bay Marina Co., Ltd is still subject to the approval of the Board of Investment of Thailand.

 


 
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