Allan Zeman, chairman and managing director of Lan Kwai Fong Holdings, is also no stranger to the own-the-shipyard-before-you-commission-a-new-boat strategy. After an American passing through Hong Kong fell in love with his 33-metre vessel Zebreeze, and 'made an offer he couldn't refuse', the avid mariner says Horizon shipbuilders in Taiwan - which he partly owns - will begin constructing his new yacht next month. It will be about 20 per cent longer than Zebreeze.

Zeman won't put a price on it, but he says it will have the elegance of an Upper West Side penthouse overlooking New York's Central Park. But lavishness has its limits. 'I'm not the helicopter pad type,' he says.

Nobody is creating more yacht envy than Paul Allen - Microsoft's other founder. In a display of ocean-going ostentatiousness, his latest vessel, under construction, will have the requisite helipad, disco, cinema and recording studio, as well as a garage for his fixed-wing plane and a pen for his submarine, splayed out over 126 metres.

With Allen's craft thought to be the biggest private yacht in the world, a tsunami of superlatives is heralding the arrival of the 'mega-yacht' or 'super-yacht'. It's a new era in which mariners engage in ship one-upmanship, blurring the line between cruisers and cruise ships. These ain't no rubber duckies.

'People are saying a line has to be drawn,' says Colin Dawson, a Hong Kong -based marketing manager for international marine insurance broker, Heath Lambert. 'When does a yacht stop being a yacht and become a ship . . . a mini-cruise liner.'

With all the right ingredients - money and egos surrounded by sea - Hong Kong harbours its share of mega-yachts, loosely defined as a boat at least 30 metres long but typically averaging 50 metres, says Mike Simpson, of Simpson Marine, an Asian-Pacific marine brokerage specialising in such craft.

Simpson is working with a local yachtie who's looking to trade up to an 85-metre rig, which Simpson believes will be the largest private yacht in the Far East. He refuses to discuss the amenities in detail, saying, 'People who own that kind of yacht expect total discretion.'

Says Dawson: 'The number of super-yachts bought by Asians is growing dramatically. Someone in the marina sees that his neighbour has bought a mega-yacht, and now he's got to buy one. They're very, very big pieces of kit. It's frightening.'

The super-yacht trend is recognised as one of the fastest-growing boating niches, with 400 under construction worldwide, says Dawson, adding that they take about three years to build. 'It's a massive explosion in the industry,' he says. 'The dotcoms are a part of it. People want to show off their instant wealth.'

The trend has local marinas scrambling to create larger berths. Gold Coast Yacht and Country Club is specialising in catering to mega-yachts and Aberdeen Marina Club (AMC) hopes to build a new marina with larger craft in mind.

As is now the case, boats larger than 30 metres aren't allowed in typhoon shelters for reasons of manoeuvrability, limiting marinas like AMC or Royal Hong Kong Yacht Club in Causeway Bay that are located within the shelters.

Pacific Century CyberWorks' blueprints of the CyberPort in Pokfulam include plans for a marina that would have special berths for super-yachts, but a company spokesperson says the plans are subject to change.

Van Shipping magnate David Lieu Tsang-van would have trouble finding a place to dock Van Triumph, his 64.5-metre vessel - Hong Kong's largest - if he didn't have his own marina on Tsing Yi Island. Built 30 per cent beyond the safety requirements of insurer Lloyd's of London, 'it's [Van Triumph] designed for rough seas', says Lieu, who also owns his own shipyard, Supercraft. 'After I built it [in 1984] I took it out in a signal eight typhoon.'

Furthermore, the ship is more bullet-proof than a bank teller's window. All interior walls consist of a sandwich construction of kevlar and fibreglass that's built to withstand armour-piercing bullets. 'The South China Seas are quite risky,' Lieu says.

'It's a warship . . . it's capable of withstanding atomic bombs,' say industry wags, who estimate it cost upwards of US$25 million to build.

Tai Sang Land chairman William Ma appears more of the flight than fight mentality. His 43-metre yacht is a jet turbo-engined hydrofoil, similar to the Macau ferries. Ma's boat flies along at 27 knots, double the cruising speed of a normal yacht of that size.

'Worldwide, it's an extremely unique design,' says one yachtie. 'That's Ma; he's crazy.' The boat's tradeoff is a sacrifice of space and seaworthiness as it has a narrower beam. Still, Ma and his wife Fanny have taken the estimated $17 million rig to the Philippines.

For msot local yachtsmen, the boats are typically used for a Friday night's offshore entertainment, with sleeping space or the kitchen often converted to a mahjong or karaoke parlour.

But local enthusiasts note that many of the majestic crafts are rarely used, serving as little more than floating tax write-offs for property barons. 'Much of the boat culture is for show,' says David Bowdler, dockmaster of AMC. 'It's a gauge of how well things are going for a company. Some of them sit still for one year.'

Says Dawson: 'To spend that much money on a piece of kit and only use it a half dozen times a year - it's criminal in my opinion.'

No matter how much you play, yacht owners typically pay 10 per cent of the value of the boat in annual running costs, says Dawson. AMC, for example, charges $50,000 a month to moor a 30-metre boat.

A few owners, like Ambrosia's captain, or Merle Henrich, the Asian Sources publishing tycoon who owns a 49-metre craft, do tour the world. Though Southeast Asia has become a more popular cruising ground, thanks in part to the exposure it received after mega-yacht owners ventured to the Asia-Pacific for the Olympic summer games in Sydney and for America's Cup in New Zealand last year, says Bruce Maxwell, editor of Asia-Pacific Boating magazine, the Mediterranean is still the most popular, followed by the Caribbean.

As Ambrosia or Henrich's ship might be cruising six months of the year, permanent crews are essential. With a crew of 12, Ambrosia recently left for the Mediterranean - St Tropez, Corsica, Monaco. The ship can complete the 14,400km journey up the Suez Canal on one tank of gas, burning some 132,000 litres of diesel at a cost of more than $100,000.

The Mediterranean, a summer sea of bobbing mansions, can tempt the ethics of any well-intentioned crew member. Shortly after Ambrosia was constructed, the paint started to bubble. As the original shipbuilder, Benetti, was backlogged with other projects, the captain recommended another shipyard.

The owner agreed but after the contractor took more than a year to paint his boat he realised he'd been duped: His captain had taken a bumper kickback for recommending an unsuitable shipyard. 'I couldn't prove it and take legal action, all I could do was fire him,' says Ambrosia's owner.

The successor, Captain Chris Jones, just took over the helm in early May. 'I know,' he says smiling, unworried, 'I've heard the story.'

The Mediterranean, a summer sea of bobbing mansions, can attract hustlers like gulls to bread. Shortly after Ambrosia was constructed in Italy, the paint started to bubble. As the original shipbuilder, Benetti, was backlogged with other projects, someone recommended another shipyard. The owner agreed but after the contractor took more than a year to paint the boat he realised he'd been duped. It was likely the advising scoundrel had taken a bumper kickback for recommending an unsuitable shipyard.

Ambrosia's owner, once his repainted boat reaches the marinas of the Med, can compare size with confidence while chatting up fellow mega-yacht owners. He'll need it: last summer he found himself docked alongside none other than Paul Allen.

Ambrosia

Board the bobbing mansion and one of 12 crew members in navy blue polo shirts and khaki shorts offer a set of slippers to swap for your shoes. Electronically sensored etched-glass sliding doors give way to the salon.

The art deco-inspired interior is a combination of cherry veneers, cream leather furniture, off-white carpets and Italian Carerra marble, such as that inlaid in the foyer.

The dining room roundtable seats 12 and the adjacent galley rivals a restaurant's kitchen with its spacious prep station, industrial-sized ovens and two walk-in freezers.

'It's a self-contained mobile hotel,' says British captain Chris Jones. 'We have generators, sewage treatment and water desalinisation equipment [plus three Meile washers and dryers].'

The master bedroom is about the size of an 800-square foot flat. For bedside television viewing, the remote control goes as far as to raise and lower the television. Master bedroom his-and-hers baths are connected in the centre by a marble Jacuzzi tub. Another clever remote control also serves one's viewing pleasure: photo-optic glass surrounding the Jacuzzi, which is in full view from the bed, can be turned opaque or transparent.

There are four guest bedrooms, each with its own private bath. The crew area includes six cabins, dining for 12, plus a separate lounge and entertainment centre. 'The generous space indicates the owner's concern for the welfare of the crew,' says Jones.

Artwork includes an inscribed elephant tusk, a musket encrusted with diamonds, rubies and mother-of-pearl, photos of the owner shaking hands with former US president Ronald Reagan, a jellybean machine and a display of 100 Lalique crystal fish.

Who's Who of Hong Kong mega-yachts

Stanley Ho's largest boat, Luciana, is a 30-metre craft made by Azimuth. It has five bedrooms, all with ensuites, a wood finish of birds-eye maple throughout the interior. Estimated cost: more than

US$5 million.

Shipping mogul Cecil Chao Sze-tsung, chairman of Cheuk Nang Technologies (Holdings), has a 32-metre yacht, Happy Sealodge. Happy-go-lucky Chao calls his helicopter Happy Skylodge. Happy Sealodge can even accommodate Happy Skylodge, sending the happiness quotient soaring.

'Printing Prince' Wayne Leung, owner of The Printing House, has one of Hong Kong's speedier motor yachts, My Toy. At 28 metres, it has three engines and attitude down to the monogrammed windows, engraved 'WL'.

Tony Fung, former chairman and managing director of Sun Hung Kai Securities, owns a sailing yacht that is 30-plus metres. Elissa M is a ketch built in Germany, originally for charter.

Richard Li has long been known as a yachting fanatic and owns a 24-metre Sunseeker Predator yacht. Word on the water is that Li recently roared from the Royal Hong Kong Yacht Club in Causeway Bay to Shelter Cove, Clear Water Bay, in a blistering 20 minutes. Estimated cost: US$5 million.

Henry Cheng Kar-shung, managing director of New World Group, one of Hong Kong's three largest property developers, has a 47-metre Baglietto of Italian design and built in Turkey called Sonia. It is available for rent to select clients through his hotels, the Regent and the Grand Hyatt.

Lai Sun Develop-ment chairman Peter Lam Kin-ngok, which has a 65 per cent controlling interest in the Ritz-Carlton, has a 30.5-metre vessel made by San Lorenzo called Sun Princess.

Estimated cost: US$5 million.

American Merle Hinrich's 49-metre boat, Double Haven, serves as a fully functional floating office with its sophisticated satellite system. It's named after a bay north of Sai Kung. Though Hinrich was unavailable for comment, one yachtie had another theory as to the origin of the boat's name: 'In the late 80s, Malcolm Forbes and his yacht Highlander toured Southeast Asia and made front-page stories wherever he went. It did help that he had Liz Taylor on board. When he was in Hong Kong, Forbes threw a spectacular party on his boat in Double Haven and I wouldn't be surprised if he [Hinrich] was inspired by it.'

Van Shipping magnate David Lieu Tsang-van lays claim to Hong Kong's largest vessel, Van Triumph, a whopping 64.5 metres. It helps when Supercraft - your own shipyard - can build it. Van Triumph was estimated to have cost upwards of US$25 million when it was constructed in 1984.

Tai Sang Land chairman William Ma owns possibly the most original yacht. His 43-metre Ma Ma Mia, a jet turbo-engined hydrofoil, is fashioned after the hydrofoil ferries that ply the Macau route. His boat flies along at 27 knots, double the cruising speed of a normal yacht of that size. The punster also named his house Ma Maison.

Estimated cost: US$17 million.

William Cheng Kai-man, chairman of Shun Ho Resources, keeps a 30.5-metre Mangusta in local waters.

Property tycoon Charles Lai has a 34-metre Benetti called Helena Of The Orient.

Estimated cost: US$8 million.