What will it take for Singapore’s yachting industry to rival that of Phuket’s? ONE15 Marina’s Jonathan Sit has a clue

The heavens are threatening to crack open but we set sail from ONE15 Marina in Sentosa Cove nonetheless. We are aboard the Leviathan 8, after all, and we can always retreat to the confines of the yacht’s carpeted cabin at any point. There certainly are worse places one could find themselves in on a working Tuesday, gloomy skies notwithstanding.

Even though we are not sailing to ONE15’s brand new sister marina at Nirup Island in Indonesia this grey-skied day, we cruise just off the coast and pause in the middle of the South China Sea to take in the Singapore skyline from a distance.

And these are the kinds of yacht charters that Jonathan Sit would like more Singaporeans and international visitors to experience here – but it’s going to start with changing the whole local yachting culture, and the regional general manager of ONE15 Marina aspires to do just that.

“We want to get people out on the water longer,” said Sit. “In Singapore, we're so used to that four-hour charter. But we’re trying to think about what else people can do besides wining and dining so we’ve added new motorised water toys.”   

“I’d be happy to visit Hong Kong, where I’m from, to take pointers. There, people spend the whole day out at sea, not just four hours. The yachting culture is much more established, there’s more of that industry and it’s cheaper [to charter a yacht]. So we’re trying to figure out, why four hours? Someone came up with it years ago and we’ve got to step it up,” he added.   

That said, Sit believes Singapore is “fast catching up and actually overtaking” neighbouring regions in terms of its yachting facilities – beginning with ONE15 Marina, of course.

Under his leadership, ONE15 Marina Sentosa Cove, which was established in 2007, underwent a US$5 million (S$6.74 million) upgrade that saw the number of superyacht berths increase from 15 to 32 in response to rising demand; an achievement that earned the marina the prestigious 'Marina World' International Marina of the Year Award from the Marina Industries Association (MIA) in 2021.

MORE MAINSTREAM AND ACCESSIBLE

Business has been brisk for its brokerage arm, too.

“Like [the] Airbnb [model], we don't own any assets. We work with yacht owners and we lease out the yacht and take a commission,” Sit explained.

Business “exploded” during the pandemic as people were grounded from travelling, with the number of yacht charters doubling from about 300 to over 600 during COVID-19. It has since settled to around 500 charters annually post-pandemic.

According to Sit, the pandemic also helped make yacht chartering a lot more mainstream: “It’s no longer so exclusive. The growing market and market forces have brought down prices so it’s a bit more accessible now.”

The market has also matured. “The clientele has changed in a way that it is no longer just 20- to 30-year-olds looking to go out to party,” he observed.

“We're seeing a lot more businesses and companies actively approaching us to do year-end parties, company incentive trips, product launches and sales pitches, which we didn’t have in the past. And the beauty of this is you trap them [onboard]... they can't leave until you're done,” he added with a laugh.

What’s also changed is the quantum these clients are ponying up, with the average spend increasing to about S$3,000 and up.

“Companies can still get something for S$1,000 these days, especially on weekdays, but it's no longer about [finding] the cheapest as we’re also seeing clients spend between S$8,000 to S$14,000 [per charter],” Sit noted.

EXPANDING NETWORK OF MARINAS

Having witnessed the industry ebb and flow during his full decade with the company, Sit is now excited about its growth trajectory as ONE15 Marina continues to expand its global network.

ONE15 Marina Nirup Island, located off Batam, Indonesia about an hour from Singapore, opened for business in July 2023 with a focus on marine and environmental conservation, and the company announced the launch of ONE15 Marina Panwa Phuket in April, which will welcome yachts and superyachts of up to 120ft from Q4 2024.

“When you go to Phuket, you think of yachts. In Australia, you take a boat out for fishing. [Whereas] in Singapore, I guess we've done the island itself so well and there's so much to do that we don't think about going out to sea. I think we're missing an opportunity of seeing the different sides of our beautiful island, and for international visitors to see Singapore as a great boating location and book a yacht while they’re here,” he said.

Indeed, relying on the local market alone is not a viable long-term strategy for growth.

Travelling out to Nirup Island via private yacht, for instance, is a “no-brainer”, said Sit. “It’s eight nautical miles away from Singapore – how many times can you go to Lazarus Island?” he asked rhetorically.

Once at ONE15 Marina Nirup Island replete with immigration facilities on-site, holidaymakers have access to its amenities including a sea sports centre and soon, they’ll be able to stay overnight, too.

The Westin Nirup Island Spa and Resort is currently being built and is expected to be completed by Q4 2024. “That's very exciting for us because you can be there for the whole weekend,” he said.