SUTL Enterprise to acquire Marina at Keppel Bay for S$40 million
Acquisition will be completed in second half of 2026, making SUTL Enterprise the largest owner-operator of integrated marinas in Singapore
[SINGAPORE] Marina developer and operator SUTL Enterprise (SUTL) will acquire Marina at Keppel Bay from Keppel Bay for S$40 million.
Mainboard-listed SUTL said in a bourse filing on Tuesday (Dec 30) that it entered into a put-and-call-option agreement with Keppel Bay to acquire the marina, with the acquisition to be completed in the second half of 2026.
After acquisition, the 166-berth marina will be renamed One°15 Marina Keppel Bay.
When combined with SUTL’s existing One°15 Marina Sentosa Cove, which has 270 berths, the deal will make SUTL the largest owner-operator of integrated marinas in Singapore.
Arthur Tay, the chief executive officer of SUTL, said: “We have been actively seeking opportunities in the Asia-Pacific region to grow our business. Once completed, the proposed acquisition will enlarge One°15’s regional footprint and strengthen our group’s position as one of the largest marina operators in Asia.”
The group said it expects to increase operational efficiency through shared services and resources, and to enhance revenue generation through diversified membership tiers and new land-based lifestyle and dining experiences.
SUTL said it will invest in modernisation and infrastructure upgrades for the marina, including upgraded berthing infrastructure and services, improved clubhouse amenities, integrated wellness and lifestyle concepts, and new retail spaces.
The filing states that the land area is around 2,973 square metres, with about 1,290 sq m of retail space. Of the S$40 million value, about S$16 million is land, S$22 million foreshore leases, and S$2 million is other assets.
The foreshore is the part of a shore between the high and low water marks, and foreshore leases allow for private development and use of such land.
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The acquisition will be paid for by cash, with the group noting that for the period ended June 2025, its cash and cash balances were around S$30.9 million with other financial assets at around S$34 million.
The acquisition could impact its ability to fund future plans and expansion, and that it may need to find external financing for projects including the development of its Marina Panwa Phuket, in Thailand.
Shares of SUTL closed trading on Tuesday at S$0.865, up 1.8 per cent or S$0.015, before the update.
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