CHARTING NEW WATERS

Asia emerges as a prominent player in the luxury yacht market, thanks to a new generation of young and affluent buyers. With this wave comes a boating boom, heralding a fresh era of marine adventures

- NAFEESA SAINI

As Asia climbs to the top of the global wealth ladder, yacht ownership becomes increasingly appealing to the growing number of high-net-worth individuals in the region. From the modern metropolises of Hong Kong and Singapore to the calm coastal islands of Thailand and Malaysia, there are limitless opportunities for exploration and discovery.

SINGAPORE SETS SAIL

According to Insight Partners' Luxury Yacht Market Forecast to 2028 report, the international yacht charter market size is expected to grow from US$6.07 billion in 2022 to US$10.33 billion by 2028. Asia-Pacific is projected to register the highest Compound Annual Growth Rate (CAGR) in this sector from 2022 to 2028.

Singapore, though lacking optimal cruising waters, is a strategic gateway to Asia's marine industry. It boasts world-class marinas and prestigious yacht clubs that attract boating enthusiasts from around the globe. The recent Singapore Yachting Festival, held from April 27 to 30, drew over 9,000 attendees who flocked to see the 52 vessels on display as well as demonstrations and trials.

Harvey Brewin, Singapore country manager of Simpson Marine, sheds some light on our residents' yachting lifestyle. "Singapore-based buyers are able to enjoy their boats in Singaporean waters while they develop their confidence before heading off to explore the stunning cruising grounds of Malaysia, Indonesia and Thailand that we have at our doorstep."

According to him, many choose to dock their yachts in destinations like Phuket, using their vessels as a second home for long weekends and public holidays. "The owners are as diverse as Singapore itself, with locals and expats of all ages and from all corners of the globe."