Singapore - More than half a billion dollars worth of vessels will sail into town next month for the fourth edition of the Singapore Yacht Show (SYS), an annual event reflecting Singapore's growing position as the new hub for luxury yachts.
More than 100 boats, yachts and superyachts will go on show for more than 12,000 registered attendees, including more than 4,000 high net-worth individuals who might be in the market for a pleasure craft.
The SYS will once again be held at ONE°15 Marina Club in Sentosa Cove for its run from April 10 to 13.
The show has become larger, with the number of registered attendees eclipsing last year's 11,000 figure, and the number of on-water-display vessels shooting past last year's 70.
Singapore has grown into its label of the Monaco of the East for luxury yachts, with industry players regarding the SYS as the premier industry event in Asia - the same way the Fort Lauderdale show is the leading one in America, and the Monaco Yacht Show and Cannes Boat Show the must-attend events in Europe.
Genting Group chairman Lim Kok Thay, the guest of honour at the opening of last year's show and a partner with Wider Yachts, one of the exhibitors, said: "This event is getting to be as good as the Monaco (Yacht) Show; certainly, for this part of the world, it is a top-class event."
The event is expected to create economic value for Singapore. Its organisers told The Business Times that an estimated $20 million will come from visitors' hotel room nights and shopping, as well as operating costs, wages and berthing fees for the boats.
Among the yacht brands exhibiting for the first time are Alloy Yachts, Lürssen, Edmiston & Company, Fraser Yachts, Perini Navi/Picchiotti, Philippe Briand, Porto Montenegro, Rossinavi Yachts, Sunreef Yachts, Y.CO and Yacht Zoo, which join the other brands that have made an appearance at SYS from its very start.
Andy Treadwell, managing director of organiser Singapore Yacht Events, said this year's surge in interest is testament to the global yachting industry's recognition of Asia as an important emerging market.
"The show has grown tremendously over the four years since we started, practically doubling in size at each edition. A significant number of boats have been sold - especially last year," he said.
The show's dramatic growth reflects Singapore's third-place global ranking for number of resident multi-millionaires, said a 2013 WealthInsight report; other reports name the Republic as the Asian wealth-management epicentre, with the Monetary Authority of Singapore (MAS) stating that the island-state has assets worth $1.4 trillion under management with 500 licensed players.
The appetite for luxury goods has thus grown in tandem with this.
Arthur Tay, the executive chairman of ONE°15 Marina Club, said: "We are seeing a real growth in the yachting and boating industry here as a result of the yacht show team's efforts over the past four years."
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