Why yachts and superyachts descended on Singapore last week
Vessels of all sizes, epitomising a luxurious lifestyle, came in to berth at Sentosa island for the Singapore Yacht Show
The eighth edition of the Singapore Yacht Show was back last week.
Southeast Asia is recognised for its increasing potential as a yachting region, industry players told CNBC, so expectations for the event were high.
The marina on Singapore’s Sentosa island saw superyachts like Amel’s La Familia, ICA’s Aquamarina, Heesen’s Lady Azul, and Ferretti’s Happy Days among many others over the weekend.
La Familia, which is the largest yacht on display at 55 metres in length, has been on sale for €39,250,000 (more than US$48 million). The average buyer for such a yacht is “extremely private, very wealthy,” according to Paul Moran, CEO of Eastwind Yachts, which is the broker for the sale.
Speaking to CNBC’s Dan Murphy, Moran also mentioned he believed in the potential of the Asian market because consumers there are developing a greater appreciation for yachting.
Indeed, yachting in Asia, particularly Southeast Asia, has been growing in popularity. The practice, once seen as a European and American pursuit, has picked up traction in Asia, with Thai, Indonesian, Malaysian, and Singaporean ultra-high net worth individuals expressing more demand, according to the Singapore Yacht Show.
Overall, the yachting market is “a big opportunity for Asia in particular,” according to Andy Treadwell, CEO and founder of the Singapore Yacht Show.
Vrit Yongsakul, group managing director of Boat Lagoon Yachting, told CNBC that the company has been “seeing more people, Asians and non-Asians alike, coming to appreciate the lifestyle of yachting”.