60-40 joint venture expected to invest s$66.6 million to develop oneº15 puteri harbour marinas in Johor, Malaysia.
60-40 joint venture expected to invest s$66.6 million to develop oneº15 puteri harbour marinas in Johor, Malaysia.
TWO COMPANIES IN Singapore and Malaysia are joining forces on a project to create three marinas at Puteri Harbour in Iskandar Malaysia, Johor, that includes the development of two new private marinas and the expansion of the existing public marina, as well as ancillary infrastructure and businesses.
Singapore’s SUTL Enterprise is a leading marina developer, operator and consultant, as well as owner of the ONEº15 brand and the ONEº15 Marina Club in Sentosa. The company recently announced that its wholly owned subsidiary SUTL Marina Holdings (SMHPL) has entered into an agreement with Malaysia’s UEM Sunrise – via its wholly owned subsidiary UEM Land – to incorporate, finance and operate a jointventure company for developing the three marinas in Puteri Harbour.
UEM Sunrise is listed on the main market of Bursa Malaysia Securities and the flagship company for real estate investment and property development businesses of UEM Group and Khazanah Nasional, an investment fund of the Malaysian Government. UEM Group is a wholly owned subsidiary of Khazanah.
As part of the agreement, the joint venture will also be involved in developing and operating a proprietary yacht club, a sports centre and other complementary businesses that may establish the Puteri Harbour marinas as a premium integrated marina project in Iskandar Puteri, one of the five flagship zones of Iskandar Malaysia in Johor.
The total investment cost required for this project is estimated to be S$66.6 million (US$47.5 million) in cash and in kind, with SMHPL’s commitment estimated to be S$40 million.
Subject to approval by the Companies Commission of Malaysia, the 60-40 joint venture company is to be named ONEº15 Puteri Harbour with SMHPL holding the majority stake. It is expected that the marinas in the project will also carry the ONEº15 brand.
“This is a big step forward for SUTL Enterprise and our homegrown ONEº15 brand,” says SUTL Enterprise Executive Director and Chief Executive Officer Arthur Tay. “The Group’s vision is to establish ONEº15 as the premium brand for world-class marinas internationally and so we are very excited about the plans for Puteri Harbour.”
“We have had some preliminary discussions with UEM Sunrise and we envisage that the new integrated marinas will breathe new life into the area and create an attractive new destination for the both the yachting community as well as those who love the waterfront lifestyle.”
UEM Sunrise Managing Director/Chief Executive Officer Anwar Syahrin Bin Abdul Ajib says his company believes that the expansion and development of a world-class marina in Puteri Harbour will add to the vibrancy and attractiveness of Iskandar Puteri, and contribute towards transforming Iskandar Puteri into a truly sustainable community.
“We are excited to collaborate with SUTL Enterprise, a partner who shares the same vision and goal of improving the quality of living in the communities in which it operates,” he says.
“Our strategic partnership also underscores our confidence in the long-term prospect of Puteri Harbour and the wider Iskandar Malaysia region, and paves the way for potential future collaborations with other reputable and established organisations.”
The project will be completed in two parts to achieve a total of 440 slips. The public marina is scheduled for completion 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 3,550sqm. It will have a satellite clubhouse that is dedicated to boaters and provides services and facilities such as launderette, chandlery shop, café, meeting rooms, library, chart room, water sports activities, and river cruising.
The private marina, megayacht marina and private clubhouse are scheduled to open in early 2018. The private marina will be located on 77,295sqm of water and will accommodate up to 278 berths. The megayacht marina will be located in between the private marina and the existing public marina, and will accommodate up to 14 megayachts.
The new private clubhouse will sit on 4,856.2sqm of land and will cater to discerning members and their guests. Amenities will include an 80-room hotel, fitness centre, three swimming pools, yacht chartering, a ballroom and four meeting rooms, KTV Lounge with golf simulators, kids’ club, eight retail outlets, spa and additional sports facilities at a satellite location.
“The project will cater to the owners of high-rise condominium developments currently being built in Iskandar Puteri of Iskandar Malaysia,” Tay says. “For boaters, the location provides easy access in and out of the Straits of Johore. The proximity to ONEº15 Marina Club in Sentosa allows members from Singapore to enjoy the facilities and activities of a partner club in Malaysia.
“We are looking forward to this project as we believe it will contribute towards addressing the current lack of quality berthing facilities in the region.”
The Puteri Harbour project will be SUTL Enterprise’s second overseas project bearing the ONEº15 brand after the ONEº15 Brooklyn Marina in New York, which is managed by the Group.
www.sutl.com
www.uemsunrise.com
www.one15marina.com
www.puteriharbourmarina.com
www.one15brooklynmarina.com
