Source : The Business Times, September 28, 2007
A CONSORTIUM that includes several prominent doctors has put in the highest bid for a hospital cum hotel site in Race Course Road - $265.3 million or $431 per square foot per plot ratio (psf ppr).
The consortium, called Singapore HealthPartners Pte Ltd (SHP), includes doctors Charles Chan, Leslie Lam and Maurice Choo. A major shareholder in Singapore HealthPartners (SHP) is Berjaya Leisure (Cayman) Ltd, which is thought to be linked to Berjaya Leisure Capital led by Malaysian businessman Vincent Tan. There are 38 shareholders in total.
Directors of SHP contacted by BT declined to comment on the company's plans for the 13,625 sq m site but a medical centre cum hotel seems likely.
The site has a maximum permissible gross floor area of 57,225 sq m and at least 40 per cent of this must be used as a hotel.
CBRE Research executive director Li Hiaw Ho believes that a hotel with 550 rooms could be built. 'Accompanying family members of patients can also patronise the hotel,' he said.
Mr Li also highlighted that it was recently announced that $2 billion would be needed to expand Singapore's health care infrastructure.
'The development of this site as a hospital cum medical centre targeting medical visitors would contribute to Singapore's efforts at becoming a medical hub for the region,' he said, adding that according to the Singapore Tourism Board, more than 150,000 international patients come to Singapore each year for a whole range of medical care.
Average occupancy of hotels was also at a high of 89.4 per cent in August, Mr Li noted.
Whether more government land sale sites could go to the medical sector is not known.
Interestingly, the Race Course Road site was initially not expected to be for hospital use.
The site was first made available for sale in August 2006 as a white site for possible commercial, office, residential and/or hotel use. Then in April this year, the Urban Redevelopment Authority (URA) said in a statement: 'In line with increased interest in hospital development, URA has been working with the Ministry of Health and EDB (Economic Development Board) to review new sites for hospital development.'
Friday, September 28, 2007
Istithmar Plans Asian Real Estate Vehicle
Source : The Business Times, September 28, 2007
The joint venture with a global financial partner will be based in S'pore
FRESH from its recent $1.69 billion purchase of the prime development site at Beach Road, Dubai World Group's (DWG) investment arm, Istithmar, said that it is planning to set up a major joint venture Asian real estate operation to be based in Singapore.
Dr Yu: 'Asia is the most important area of focus for us'
The group's chief investment officer, Yu Lai Boon, said that the joint venture would be undertaken in partnership with a Singapore-based global financial company.
DWG has recently diversified its portfolio with several high-profile investments worldwide, including stakes in European aerospace giant EADS, the Barneys New York retail chain, and the MGM Mirage entertainment company and half of its CityCenter development.
Asked if the company's one-third stake in the Beach Road site had to do with the softening of the real estate market in the Middle East, Dr Yu said that it had been invited to participate by its joint venture (JV) partner, City Developments Ltd (CDL). Dr Yu added: 'Asia is the most important area of focus for us.'
Istithmar's new real estate vehicle will be its second after the announcement in June of a US$50 million hotel joint venture with CDL, called Tune Hospitality Investments.
Istithmar also has a stake in the CDL Hospitality Trusts, and in the past year has made seven real estate investments in the region.
DWG's real estate portfolio is currently worth US$60 billion in terms of asset and development value. In Asia, it is committing US$30 billion in India alone and expects to expend the same amount in China, Dr Yu said.
And apart from Singapore, it also has investments in Vietnam and Thailand.
The third partner in the South Beach development is the El Ad Group (EAG), run by Israeli billionaire Yitzhak Tshuva.
EAG may be an as-yet unfamiliar name here, but it is no stranger to CDL. Apart from buying The Plaza Hotel in New York from CDL executive chairman Kwek Leng Beng and his partner in 2004, EAG is also a joint venture partner with CDL on its upcoming Leonie Hill luxury condo development.
With the global economy still in the throes of a credit crunch, real estate investments here had been expected to slow down. Yet, EAG president and CEO Miki Naftali said: 'The quality and range of our properties have tended to insulate us from pressures associated with the so-called global credit crisis.'
He added that 'credit remains available to us'.
EAG has a real estate portfolio worth over US$7 billion, and it expects to invest in Asia 'as part of our worldwide strategy of adding value'.
Mr Naftali also said that it is seeking opportunities to introduce the iconic Plaza brand here, as well as in Tokyo, Shanghai and Beijing.
Other investors from the Middle East that have made an impression here this year include Emirates Investment Group, which has a stake in the upcoming Ritz-Carlton Residences in Cairnhill, and Kuwait Finance House, which bought two blocks at Reflections @ Keppel Bay.
The joint venture with a global financial partner will be based in S'pore
FRESH from its recent $1.69 billion purchase of the prime development site at Beach Road, Dubai World Group's (DWG) investment arm, Istithmar, said that it is planning to set up a major joint venture Asian real estate operation to be based in Singapore.
Dr Yu: 'Asia is the most important area of focus for us'The group's chief investment officer, Yu Lai Boon, said that the joint venture would be undertaken in partnership with a Singapore-based global financial company.
DWG has recently diversified its portfolio with several high-profile investments worldwide, including stakes in European aerospace giant EADS, the Barneys New York retail chain, and the MGM Mirage entertainment company and half of its CityCenter development.
Asked if the company's one-third stake in the Beach Road site had to do with the softening of the real estate market in the Middle East, Dr Yu said that it had been invited to participate by its joint venture (JV) partner, City Developments Ltd (CDL). Dr Yu added: 'Asia is the most important area of focus for us.'
Istithmar's new real estate vehicle will be its second after the announcement in June of a US$50 million hotel joint venture with CDL, called Tune Hospitality Investments.
Istithmar also has a stake in the CDL Hospitality Trusts, and in the past year has made seven real estate investments in the region.
DWG's real estate portfolio is currently worth US$60 billion in terms of asset and development value. In Asia, it is committing US$30 billion in India alone and expects to expend the same amount in China, Dr Yu said.
And apart from Singapore, it also has investments in Vietnam and Thailand.
The third partner in the South Beach development is the El Ad Group (EAG), run by Israeli billionaire Yitzhak Tshuva.
EAG may be an as-yet unfamiliar name here, but it is no stranger to CDL. Apart from buying The Plaza Hotel in New York from CDL executive chairman Kwek Leng Beng and his partner in 2004, EAG is also a joint venture partner with CDL on its upcoming Leonie Hill luxury condo development.
With the global economy still in the throes of a credit crunch, real estate investments here had been expected to slow down. Yet, EAG president and CEO Miki Naftali said: 'The quality and range of our properties have tended to insulate us from pressures associated with the so-called global credit crisis.'
He added that 'credit remains available to us'.
EAG has a real estate portfolio worth over US$7 billion, and it expects to invest in Asia 'as part of our worldwide strategy of adding value'.
Mr Naftali also said that it is seeking opportunities to introduce the iconic Plaza brand here, as well as in Tokyo, Shanghai and Beijing.
Other investors from the Middle East that have made an impression here this year include Emirates Investment Group, which has a stake in the upcoming Ritz-Carlton Residences in Cairnhill, and Kuwait Finance House, which bought two blocks at Reflections @ Keppel Bay.
S'pore Property Seen As Top Buy In Asia-Pac
Source : The Business Times, September 28, 2007
Sentiment strongest in rental apartment, office, hotel/resort, retail sectors: survey
SHANGHAI, Singapore and Tokyo have emerged as the top three most promising Asia-Pacific cities for real estate investment prospects, according to a report from the US-based Urban Land Institute (ULI) and the accountancy firm PricewaterhouseCoopers (PwC).
'Sentiment was strong among survey participants to either buy or hold all types of properties in Shanghai, Singapore and Tokyo, rather than sell properties, illustrating the cities' strong popularity with the investment community,' a news release by PwC and ULI said.
For Singapore, the strongest sentiment for buying property was in the rental apartment sector, followed by the office, hotel/ resort, retail and indus- trial/distribution property.
The report, Emerging Trends in Real Estate Asia Pacific 2008, is the second annual investor survey from ULI and PwC. It shows that Singapore has jumped from fourth to second placing for investment prospect rankings, and from ninth to third spot for development rankings. Singapore is ranked first for city risk ratings.
One respondent in the survey said Singapore was 'certainly one of the markets in the area that provides a very stable legal and tax environment, and property rights that are beyond question. And it therefore is certainly one of the markets where many, especially Westerners, are very comfortable.'
The report was based on interviews and surveys with more than 190 professionals, including investors, developers, property company representatives, lenders, brokers and consultants.
The survey covered 20 cities. Shanghai was in the top position in the latest 2008 investment prospect ranking, up from second spot in the earlier ranking. Tokyo maintained its third position, while Osaka, which was first in the 2007 ranking, moved down to fourth position. Hong Kong was ranked fifth in the latest survey, moving up six positions.
While Singapore moved from fourth to second spot in investment prospect, sell recommendations increased for office, retail, and hotel/resort from 0 per cent in the 2007 report issued last year to 19 per cent, 13 per cent and 13 per cent respectively in the latest 2008 report.
Buy recommendations for industrial/distribution property increased from 35 per cent to 44 per cent.
The 2008 survey also shows that the growing Asia-Pacific real estate market still offers opportunities for investors and developers next year. Asia-Pac real estate executives' response remains strong on overall economic and market fundamentals, regardless of interest rate increases.
High levels of equity capital continue to pour into the Asia-Pacific property pool. For 2008, the hotels sector tops the list of real estate performance prospects, followed by the office sector.
PwC's tax partner in Singapore, David Sandison, said: 'It's expected that even greater amounts of capital will be flooding Asia Pacific real estate markets in 2008. The real challenge for investors will lie in finding the right assets against the backdrop of yield compression and scrutiny by regional governments and tax authorities.'
The strongest sentiment for buying in Singapore was for rental apartments, with about 53 per cent of respondents recommending a buy, 34 per cent hold and 13 per cent sell.
For office space, 52 per cent advised buying, 29 per cent hold and 19 per cent sell.
The survey also showed that 48.5 per cent recommended buying hotel & resort property, 38 per cent advised holding, and 13 per cent, selling. For retail property, 45 per cent advised buying, 41 per cent holding and 13 per cent selling.
In the industrial/distri- bution sector, about 44 per cent of respondents recommended buying, 42 per cent holding and 14 per cent, selling.
ULI is a global education and research institute championing responsible leadership in land use to enhance the total environment.
Sentiment strongest in rental apartment, office, hotel/resort, retail sectors: survey
SHANGHAI, Singapore and Tokyo have emerged as the top three most promising Asia-Pacific cities for real estate investment prospects, according to a report from the US-based Urban Land Institute (ULI) and the accountancy firm PricewaterhouseCoopers (PwC).'Sentiment was strong among survey participants to either buy or hold all types of properties in Shanghai, Singapore and Tokyo, rather than sell properties, illustrating the cities' strong popularity with the investment community,' a news release by PwC and ULI said.
For Singapore, the strongest sentiment for buying property was in the rental apartment sector, followed by the office, hotel/ resort, retail and indus- trial/distribution property.
The report, Emerging Trends in Real Estate Asia Pacific 2008, is the second annual investor survey from ULI and PwC. It shows that Singapore has jumped from fourth to second placing for investment prospect rankings, and from ninth to third spot for development rankings. Singapore is ranked first for city risk ratings.
One respondent in the survey said Singapore was 'certainly one of the markets in the area that provides a very stable legal and tax environment, and property rights that are beyond question. And it therefore is certainly one of the markets where many, especially Westerners, are very comfortable.'
The report was based on interviews and surveys with more than 190 professionals, including investors, developers, property company representatives, lenders, brokers and consultants.
The survey covered 20 cities. Shanghai was in the top position in the latest 2008 investment prospect ranking, up from second spot in the earlier ranking. Tokyo maintained its third position, while Osaka, which was first in the 2007 ranking, moved down to fourth position. Hong Kong was ranked fifth in the latest survey, moving up six positions.
While Singapore moved from fourth to second spot in investment prospect, sell recommendations increased for office, retail, and hotel/resort from 0 per cent in the 2007 report issued last year to 19 per cent, 13 per cent and 13 per cent respectively in the latest 2008 report.
Buy recommendations for industrial/distribution property increased from 35 per cent to 44 per cent.
The 2008 survey also shows that the growing Asia-Pacific real estate market still offers opportunities for investors and developers next year. Asia-Pac real estate executives' response remains strong on overall economic and market fundamentals, regardless of interest rate increases.
High levels of equity capital continue to pour into the Asia-Pacific property pool. For 2008, the hotels sector tops the list of real estate performance prospects, followed by the office sector.
PwC's tax partner in Singapore, David Sandison, said: 'It's expected that even greater amounts of capital will be flooding Asia Pacific real estate markets in 2008. The real challenge for investors will lie in finding the right assets against the backdrop of yield compression and scrutiny by regional governments and tax authorities.'
The strongest sentiment for buying in Singapore was for rental apartments, with about 53 per cent of respondents recommending a buy, 34 per cent hold and 13 per cent sell.
For office space, 52 per cent advised buying, 29 per cent hold and 19 per cent sell.
The survey also showed that 48.5 per cent recommended buying hotel & resort property, 38 per cent advised holding, and 13 per cent, selling. For retail property, 45 per cent advised buying, 41 per cent holding and 13 per cent selling.
In the industrial/distri- bution sector, about 44 per cent of respondents recommended buying, 42 per cent holding and 14 per cent, selling.
ULI is a global education and research institute championing responsible leadership in land use to enhance the total environment.
Collective Sale Site Flipped For 100% Profit
Source : The Business Times, September 28, 2007
Bought for $73m one year back, Emerald Mansion site sold for $148m
The Cheong family, which bought Emerald Mansion through a collective sale last year for $73 million or $931 psf per plot ratio, recently sold the District 9 freehold property for double that amount, or around $148 million or $1,888 psf ppr, sources say.
Emerald Mansion: The $1,888 psf ppr price is a new high for the Cairnhill area, surpassing the $1,788 psf ppr that Char Yong Gardens fetched in June this year
The unit land price of $1,888 psf ppr is a new high for residential land in the Cairnhill area, surpassing the $1,788 psf ppr that Char Yong Gardens fetched in June this year.
BT understands that the new buyer of Emerald Mansion is a joint venture comprising a property fund managed by LaSalle Investment Management, and a local contractor - with the latter taking a minority stake.
No development charge is payable for the 29,810 sq ft site, which can be redeveloped up to its current gross floor area of 78,401 sq ft, which reflects a plot ratio of about 2.63. This is higher than the 2.1 plot ratio indicated for the site under Master Plan 2003.
BT understands that the original collective sale to the Cheong family - which has a substantial stake in International Plaza at Anson Road and is related to SC Global chairman and CEO Simon Cheong - was completed just a few months ago.
DTZ Debenham Tie Leung is believed to have brokered the latest sale of Emerald Mansion to the LaSalle Investment Management fund. DTZ declined to comment on the deal.
Based on LaSalle Investment Management's $1,888 psf ppr acquisition cost of Emerald Mansion, the breakeven cost for a new apartment development on the site could be about $2,400 psf, according to market watchers. The site can be developed into around 55 apartments averaging 1,500 sq ft.
The developer of a project on the Emerald Lodge site next door is said to be eyeing an average price of about $3,000 psf in an upcoming launch.
Last month, LaSalle Investment Management clinched a 99-year leasehold commercial plot next to International Plaza at a state tender. Its winning bid of $237.2 million reflects a unit land price of $941 psf ppr.
The real estate money management firm, which is part of the Jones Lang LaSalle group, bid on behalf of its LaSalle Asia Opportunity III Fund, and is planning a 20-storey office development with about 200,000 sq ft net lettable area.
Bought for $73m one year back, Emerald Mansion site sold for $148m
The Cheong family, which bought Emerald Mansion through a collective sale last year for $73 million or $931 psf per plot ratio, recently sold the District 9 freehold property for double that amount, or around $148 million or $1,888 psf ppr, sources say.
Emerald Mansion: The $1,888 psf ppr price is a new high for the Cairnhill area, surpassing the $1,788 psf ppr that Char Yong Gardens fetched in June this yearThe unit land price of $1,888 psf ppr is a new high for residential land in the Cairnhill area, surpassing the $1,788 psf ppr that Char Yong Gardens fetched in June this year.
BT understands that the new buyer of Emerald Mansion is a joint venture comprising a property fund managed by LaSalle Investment Management, and a local contractor - with the latter taking a minority stake.
No development charge is payable for the 29,810 sq ft site, which can be redeveloped up to its current gross floor area of 78,401 sq ft, which reflects a plot ratio of about 2.63. This is higher than the 2.1 plot ratio indicated for the site under Master Plan 2003.
BT understands that the original collective sale to the Cheong family - which has a substantial stake in International Plaza at Anson Road and is related to SC Global chairman and CEO Simon Cheong - was completed just a few months ago.
DTZ Debenham Tie Leung is believed to have brokered the latest sale of Emerald Mansion to the LaSalle Investment Management fund. DTZ declined to comment on the deal.
Based on LaSalle Investment Management's $1,888 psf ppr acquisition cost of Emerald Mansion, the breakeven cost for a new apartment development on the site could be about $2,400 psf, according to market watchers. The site can be developed into around 55 apartments averaging 1,500 sq ft.
The developer of a project on the Emerald Lodge site next door is said to be eyeing an average price of about $3,000 psf in an upcoming launch.
Last month, LaSalle Investment Management clinched a 99-year leasehold commercial plot next to International Plaza at a state tender. Its winning bid of $237.2 million reflects a unit land price of $941 psf ppr.
The real estate money management firm, which is part of the Jones Lang LaSalle group, bid on behalf of its LaSalle Asia Opportunity III Fund, and is planning a 20-storey office development with about 200,000 sq ft net lettable area.
Marina Rising - And Its Prices Follow Suit
Source : The Business Times, September 28, 2007
SUTL's One°15 banks on rising affluence and the IR effect to keep afloat
Asia's most luxurious and modern marina will officially open tomorrow and, in keeping with the sudden rush of demand for the high life, it will raise its membership prices for the eighth time.
Ready to set sail: 'This will become one of the world's most well-integrated waterfront lifestyle communities,' said Mr Tay, who has invested about $75 million into the facility which sits on a 30-year leased site.
Nestled within the Sentosa Cove enclave with a range of private members club facilities, One°15 Marina has been steadily attracting the well-heeled not just from Singapore, but around the world to join up as members.
Currently, some 60 per cent of its 2,800 members are Singaporeans or residents, while the rest are expatriates and other foreigners, some coming from as far as Spain and the US.
And with demand picking up steadily since its launch in April 2005, One°15 Marina will be raising its membership price to $43,888 from tomorrow - compared to $38,888 now. This is a far cry from the initial launch price of $23,888 for an individual transferable membership.
And with membership capped at 4,000, Arthur Tay, the 50-year-old businessman and founder of One°15 Marina Club, expects to gradually hike up the joining fee to $60,888 by the time the integrated resorts are fully operational. Meanwhile, the club is also looking at term memberships to accommodate ocean-lovers who may be here only for a few years.
'This will become one of the world's most well-integrated waterfront lifestyle communities,' said Mr Tay, who has invested about $75 million into the facility which sits on a 30-year leased site.
'We already have 204 completed berths, and will have 270 berths when fully completed, including 10 berths for mega yachts of up to 220 feet in length.'
Mega yachts are fully fitted luxury super vessels of over 80 feet in length which cruise the world's oceans with their high net worth owners. There are some 7,000 of these around the world worth some US$107 billion, mostly in Europe and the United States.
Asian are said at present to own less than 100, with about 10 owned by Singaporeans and Singapore residents. But this is expected to grow rapidly in tandem with the changing wealth demographics. The club also has several boats for rent, including four houseboats which provide accommodation.
Mr Tay feels that Singaporeans should get off their bottoms and move on to see how their little island is rapidly transforming into the Monaco of the east.
Sitting in the luxurious living room of his $22 million, 116-foot mega yacht Hye Seas II (named partly after his father), Mr Tay feels that, with growing affluence, Singaporeans are increasingly demanding better cars, more expensive watches, bigger homes - and classier marinas.
Spread over some 14.2 hectares of water and 1.7 hectares of land, One°15 - built by Mr Tay's SUTL Group of companies and named after its strategic location of one degree, 15 minutes north of the Equator in nautical terms - seems to fit the bill.
Cash is not a problem. The club is already raking in some $1 million in revenue each month from its services, including not only food and beverage but other services being provided to yacht owners like bunkering. And when it reaches its targeted membership of 4,000, it would have taken in more than $140 million from entrance fees alone.
Mr Tay is unfazed by the fact that the only two other major privately-owned marinas in Singapore have not enjoyed much success. Almost two years ago, NATSTEEL-owned Raffles Marina revealed that it was not in a position to redeem $27.7 million worth of unsecured notes it owed 1,701 members. With a loss of $32 million in 2004, and liabilities exceeding assets by $30.4 million, it was forced to restructure by getting members to swap their debentures for equity and a second membership. This came on the heels of the collapse of Ponggol Marina under debt of some $18 million, leaving its members losing millions of dollars more.
So why should One°15 Marina work?
'Marinas are not new in this part of the world, but it is a shame they've gone to sleep in Singapore,' Mr Tay said. 'Today, Singapore is a medical hub, financial hub and a tourism hotspot. As its people become more affluent, their lifestyle demands and expectations will also rise,' he added.
Mr Tay also does not discount taking the holding company public one of these days. 'We need to do this only when we need capital for expansion, whether here or elsewhere.'
The company is already talking to the government about opening up marinas on some of the other islands around Singapore.
At the same time it is looking overseas, especially Vietnam. 'There are also some other marinas in the region asking us to manage their properties, or look at some other form of collaboration,' said Mr Tay.
SUTL's One°15 banks on rising affluence and the IR effect to keep afloat
Asia's most luxurious and modern marina will officially open tomorrow and, in keeping with the sudden rush of demand for the high life, it will raise its membership prices for the eighth time.
Ready to set sail: 'This will become one of the world's most well-integrated waterfront lifestyle communities,' said Mr Tay, who has invested about $75 million into the facility which sits on a 30-year leased site.Nestled within the Sentosa Cove enclave with a range of private members club facilities, One°15 Marina has been steadily attracting the well-heeled not just from Singapore, but around the world to join up as members.
Currently, some 60 per cent of its 2,800 members are Singaporeans or residents, while the rest are expatriates and other foreigners, some coming from as far as Spain and the US.
And with demand picking up steadily since its launch in April 2005, One°15 Marina will be raising its membership price to $43,888 from tomorrow - compared to $38,888 now. This is a far cry from the initial launch price of $23,888 for an individual transferable membership.
And with membership capped at 4,000, Arthur Tay, the 50-year-old businessman and founder of One°15 Marina Club, expects to gradually hike up the joining fee to $60,888 by the time the integrated resorts are fully operational. Meanwhile, the club is also looking at term memberships to accommodate ocean-lovers who may be here only for a few years.
'This will become one of the world's most well-integrated waterfront lifestyle communities,' said Mr Tay, who has invested about $75 million into the facility which sits on a 30-year leased site.
'We already have 204 completed berths, and will have 270 berths when fully completed, including 10 berths for mega yachts of up to 220 feet in length.'
Mega yachts are fully fitted luxury super vessels of over 80 feet in length which cruise the world's oceans with their high net worth owners. There are some 7,000 of these around the world worth some US$107 billion, mostly in Europe and the United States.
Asian are said at present to own less than 100, with about 10 owned by Singaporeans and Singapore residents. But this is expected to grow rapidly in tandem with the changing wealth demographics. The club also has several boats for rent, including four houseboats which provide accommodation.
Mr Tay feels that Singaporeans should get off their bottoms and move on to see how their little island is rapidly transforming into the Monaco of the east.
Sitting in the luxurious living room of his $22 million, 116-foot mega yacht Hye Seas II (named partly after his father), Mr Tay feels that, with growing affluence, Singaporeans are increasingly demanding better cars, more expensive watches, bigger homes - and classier marinas.
Spread over some 14.2 hectares of water and 1.7 hectares of land, One°15 - built by Mr Tay's SUTL Group of companies and named after its strategic location of one degree, 15 minutes north of the Equator in nautical terms - seems to fit the bill.
Cash is not a problem. The club is already raking in some $1 million in revenue each month from its services, including not only food and beverage but other services being provided to yacht owners like bunkering. And when it reaches its targeted membership of 4,000, it would have taken in more than $140 million from entrance fees alone.
Mr Tay is unfazed by the fact that the only two other major privately-owned marinas in Singapore have not enjoyed much success. Almost two years ago, NATSTEEL-owned Raffles Marina revealed that it was not in a position to redeem $27.7 million worth of unsecured notes it owed 1,701 members. With a loss of $32 million in 2004, and liabilities exceeding assets by $30.4 million, it was forced to restructure by getting members to swap their debentures for equity and a second membership. This came on the heels of the collapse of Ponggol Marina under debt of some $18 million, leaving its members losing millions of dollars more.
So why should One°15 Marina work?
'Marinas are not new in this part of the world, but it is a shame they've gone to sleep in Singapore,' Mr Tay said. 'Today, Singapore is a medical hub, financial hub and a tourism hotspot. As its people become more affluent, their lifestyle demands and expectations will also rise,' he added.
Mr Tay also does not discount taking the holding company public one of these days. 'We need to do this only when we need capital for expansion, whether here or elsewhere.'
The company is already talking to the government about opening up marinas on some of the other islands around Singapore.
At the same time it is looking overseas, especially Vietnam. 'There are also some other marinas in the region asking us to manage their properties, or look at some other form of collaboration,' said Mr Tay.
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