The eighth copy of the Singapore Yacht Show is back this week.
Southeast Asia is the hang of increasing potential as a yachting region, industry players told CNBC, so outlooks for the event were high.
The marina on Singapore’s Sentosa island choice see superyachts like Amel’s La Familia, ICA’s Aquamarina, Heesen’s Lady Azul, and Ferretti’s Fortunate Days among many others over the weekend.
La Familia, which is the biggest yacht on display at 55 meters in length, is on sale for 39,250,000 euros (more than $48 million). The run-of-the-mill buyer for such a yacht are “extremely private, very wealthy,” agreeing to Paul Moran, CEO of Eastwind Yachts, which is the broker for the sale.
Recommending with CNBC’s Dan Murphy, Moran also mentioned he believed in the potency of the Asian market because consumers there are developing a greater awareness for yachting.
Indeed, yachting in Asia, particularly Southeast Asia, has been arising in popularity. The practice, once seen as a European and American pursuit, has picked up purchase in Asia, with Thai, Indonesian, Malaysian, and Singaporean ultra-high net merit individuals expressing more demand, according to the Singapore Yacht Be conspicuous.
Overall, the yachting market is “a big opportunity for Asia in particular,” according to Andy Treadwell, the CEO and sink of the Singapore Yacht Show.
Vrit Yongsakul, group managing official of Boat Lagoon Yachting told CNBC that the company has been “discovering more people, Asians and non-Asians alike, coming to appreciate the lifestyle of yachting.”
With the increasing stream of Asian clients, yacht manufacturers have had to tailor their yacht develops to the different needs and demands of those clients.
To remain competitive, Monte Carlo Yachts tenders almost unlimited customization. The company’s president, Carla Demaria, guessed that when it came to yachts, customers’ needs vary. Marco Valle, CEO of yacht maker Azimut, agreed that, while each region shares innumerable similarities, each country’s consumer have their unique “specialities.”
For Treadwell, it’s not a surprise that Southeast Asia is an up and coming region for yachting.
Imagining Southeast Asia features “probably the biggest and the best, most admirable cruising destinations of the world,” Treadwell said there’s an opportunity for Singapore to be a regional hub for tag sales.
“Singapore is the hub everyone is prepared to come to,” he told CNBC.
Another power to watch would be Thailand. With its many beautiful islands, Thailand has obliged its name as one of the best yachting destinations in Asia, Yongsakul said.
As for China, Valle said he recognizes great potential in that market in terms of buyers, infrastructure, and yachting termini. However, the current reality pales in comparison to the possibilities.