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SUTL Enterprise partners association to expand Hainan yachting industry
MAINBOARD-listed SUTL Enterprise has partnered the Hainan Cruise & Yacht Association (HCYA) in the development and expansion of Hainan Island's yachting, cruising and maritime industry.
On Tuesday, the developer, operator and consultant of integrated marinas signed a memorandum of understanding (MOU) with HCYA. It said in a Singapore Exchange filing that it will "leverage its expertise in marina development and management" to offer HCYA advice to improve both the hardware and software on Hainan Island.
This is SUTL Enterprise's second venture into China. The group has a contract to provide consultancy and management services to a marina under construction in Guishan, Zhuhai, China. It will be named ONE15 Marina Guishan and construction is scheduled to be completed in 2019.
In recent years, there has been an increasing interest in yachting and the waterfront lifestyle among the wealthy in China. According to a report by Global Industry Analysts, China will have the fastest compound annual growth rate of 8.1 per cent between 2015 and 2022, driven by the growing number of wealthy individuals and rising interest in yachting.
Arthur Tay, SUTL Enterprise executive director and CEO, said: "This is the first time a Singapore company has been brought in to consult on Hainan Island's pleasure yachting industry. We hope the MOU will strengthen our presence in China and provide a platform for us to showcase our expertise and open doors to more opportunities."