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SUTL to acquire 60% stake in marina project in Phuket for S$5.6m
SUTL Enterprise Limited, the owner of the ONE°15 luxury yachting brand, has entered into a conditional sale and purchase agreement to acquire a 60 per cent stake in Makham Bay Marina Co Ltd (MBM) for S$5.6 million.
The project's total construction cost is estimated to be S$24.3 million. When completed, it will be the only integrated marina club in the southern part of Phuket.
MBM has construction permits and development rights for a proposed marina to be located at Makham Bay in Phuket. It holds the land side and accompanying water area body for a 30-year leasehold period.
As part of the agreement, SUTL Enterprise will be involved in the design, construction, development, operation and maintenance of this integrated marina club and marina facilities.
The integrated marina club is positioned as a nautical lifestyle resort equipped with yacht chartering for nautical sports and recreation programmes, spa and wellness area and hotel room facilities to cater to both members and the general public.
This project will bear the ONE°15 brand. It will span total land area of 38,400 sqm and feature a 171-berth marina, which can accommodate super-yachts up to 200 feet and 25 hard-stand spaces with 80 dry-stack storage.
There will be 66 hotel rooms including four three-bedroom villas, a spa, a gym, a lifestyle pool, meeting rooms, banquet hall and multiple F&B outlets.