SINGAPORE (Feb 22): SUTL Enterprise is acquiring a 60% stake in Thailand-based Makham Bay Marina (MBM) for $5.6 million.
MBM has construction permits and development rights for a proposed marina to be located at Makham Bay, Phuket, for which it holds the land site and accompanying water area body for a 30-year leasehold period.
Under the sale and purchase agreement, the group will be involved in the design, construction, development, operation and maintenance of the integrated marina club and its facilities.
(Credit: SUTL Enterprise)
The project which will bear the ONE°15 brand has a total estimated construction cost of $24.3 million.
The marina club has a total land area of about 38,400 sqm and will feature a 171-berth marina, which can accommodate super-yachts up to 200 feet and 25 hard-stand spaces with 80 dry-stack storage.
When completed, the development will be the only integrated marina club in the southern part of Phuket.
Arthur Tay, executive director and CEO of SUTL says, “We have been looking for an ideal location to establish a ONE°15 marina in Thailand for a very long time and we believe we have found the right site in Makham Bay.”
This story, written by Samantha Chiew for The Edge Singapore, first appeared on Feb 23.