Chairman and CEO of SUTL Group, Arthur Tay, the tycoon behind a Singapore berth for mega-yachts has expressed interest to invest in Sri Lanka’s marine industry, according to a recent foreign media report. Tay, chief executive officer of SUTL Enterprise Ltd, plans to add some 20 marinas under its management in the next few years – at the rate of four annually – and entice some of the roughly 120 million Chinese that travel abroad every year, Bloomberg said in a report last week.
“You don’t have to own a yacht; it’s not expensive if you don’t want a super yacht or a big boat, it’s not expensive if you don’t take the boat out,” said Tay, adding that coastal tourism spots in Sri Lanka and Phuket in Thailand were among locations he was also considering.
Tay, who owns 51 per cent of the majority shareholder of SUTL Enterprise, wants to market the marinas as places where people can dine, shop or hold parties even if they don’t own luxury boats.
SUTL Enterprise owns the ONE15 Marina Club on Singapore’s Sentosa Cove, where Australian heiress Gina Rinehart and telecommunications billionaire Bhupendra Kumar Modi have bought homes. The company, which has a S$62 million market capitalisation, operates a marina in New York. Last month, it announced a deal to manage marinas in Indonesia and China.
“Tay, who owns a super yacht himself, is betting Mandarin-speaking staff and flourishes of “Asian hospitality” such as offering guests hot towelettes can broaden the appeal of leisure boating among “affluent and lifestyle-hungry” Asian visitors to Europe,” the report said.
According to the European Boating Industry, which represents leisure boating players in the region, tourists from Asia are more likely to choose cruises over boating. Recreational vessels are still more often used by Europeans and American visitors, the organisation told Bloomberg in an e-mail.
Tay, however, declined to say how much the company would spend on its expansion plans, but said investment in a single marina could reach US$300 million (S$413.5 million) depending on its size and function.