SUTL unit partners UEM Sunrise to build Puteri Harbour marinas
Total investment cost is around S$66.6m in cash and in kind, with SUTL's commitment at about S$40m
Singapore
ELECTRONICS distributor-turned-marina developer SUTL Enterprise on Monday said its unit has agreed to set up, fund and run a joint venture firm with Khazanah's UEM Sunrise to develop the existing marinas in Puteri Harbour of Iskandar Puteri in Malaysia.
The project will comprise three marinas at Puteri Harbour, including the development of two new private marinas and the expansion of the existing public marina.
The total investment cost is around S$66.6 million in cash and in kind, with SUTL's commitment at about S$40 million.
As part of the agreement, the 60-40 JV company (with SUTL holding the majority stake) will also be involved in developing and operating a yacht club, a sports centre and other complementary businesses.
It is expected that the marinas in the project will also carry the ONE15 brand, SUTL said. SUTL already owns the ONE15 Marina Club at Sentosa Cove in Singapore, and offers yacht-chartering services at the club.
The latest project will be completed in two parts to achieve a total of 440 slips - jargon for boat ramps.
The public marina is scheduled to be completed this year. The existing public marina comprises 76 wet berths serving boats up to 40m in length. The project will add another 72 wet berths, expanding the total area of the marina to 3,550 square metres (sq m). It will have a satellite clubhouse.
The private marina, mega-yacht marina and private clubhouse are scheduled to open in early 2018. The private marina to be built will be located on 77,295 sq m of water and will accommodate up to 278 berths. The mega-yacht marina will be located in between the private marina and the existing public marina, and will accommodate up to 14 mega yachts.
The new private clubhouse will sit on 4,856 sq m of land. Amenities will include an 80-room hotel, fitness centre, three swimming pools, yacht chartering, a ballroom and four meeting rooms, among others.
The project aims to cater to the owners of condominium developments currently being built in Iskandar Puteri, the group said. For boaters, the location provides easy access in and out of the Straits of Johor.
The Puteri Harbour project will be SUTL's second overseas project bearing the ONE15 brand, after the ONE15 Brooklyn Marina in New York which it also manages.
Less than a year ago, the group was a loss-making IT and computer parts distributor called Achieva, until its fortunes changed when it bought the ONE15 Marina Club in Sentosa Cove in a reverse takeover deal.
Its shares last closed at S$0.43 on Jan 29.
