The Informa Yacht Group unveiled more details for the upcoming Singapore Yacht Show that will see a flotilla of luxury superyachts streaming into Singapore for a new exclusive yacht show. The Singapore Yacht Show, which will be held from 8 to 10 April at ONE°15 Marina Club in Sentosa Cove, will see luxury boat builders, brokers, designers and naval architects converging at the glamorous waterside venue for the exhibition.
A series of networking events, business meetings, cocktail receptions, and a gala dinner will complement the event, together with an industry thought-exchange at the third annual Asia Superyacht Conference, which will take place on 7 and 8 April. The Conference, also held at ONE°15 Marina Club, will bring together the region’s leading industry experts in the superyacht industry to discuss market insights and key challenges.
Top international superyacht industry players are expected to showcase the latest developments in superyacht building, refit and repair, as well as the newest accessories for superyacht owners, providing a one-stop venue for business exchange and market updates.
For the first time, the Singapore Yacht Show aims to bring together Asia’s High-Net Worth Individuals and members of the superyacht industry in one location.
Asia has a growing segment of HNWIs who have prospered in the region’s financial boom, especially in the growing economic powerhouses of China and India. Today, seven out of 10 new billionaires are from the South-East Asian region. This increasing nouveau riche segment represents a largely untapped market for the superyacht industry, a gap that Informa Yacht Group aims to address with The Singapore Yacht Show.
'Singapore has the greatest concentration of millionaire households at 11.4 per cent of the country’s total population. Singapore’s geographical proximity to Asian’s billionaires, the perfect setting offered by ONEº15, coupled with support from the Singapore Tourism Board, Singapore Exhibition and Convention Bureau (SECB), our partners Superyacht Singapore Association and SUTL Chairman, Mr. Arthur Tay, altogether created a perfect location for us to reach out to the HNWIs with this show.
'The Singapore Yacht Show will hopefully fuel greater momentum for the superyacht industry in this region and draw industry leaders and potential clients to the beautiful cruising grounds of South-East Asia,' said Mr. Andy Treadwell, Managing Director of Informa Yacht Group.
Singapore’s strategic geographical location has witnessed an increasing number of superyacht visits. According to the Superyacht Singapore Association, the City State is poised to tap into the ultra-luxury yachting segment in the coming years.
'Last year saw 81 superyachts visiting Singapore, up from 59 in 2009. This is despite the global financial slowdown and concerns about piracy in the Gulf of Aden. We expect to see 200 unique superyacht visits to the region by 2015, and there are opportunities for Singapore to grow businesses around the large-yacht industry, like marinas, refit and repair services to cater to these visiting vessels,' said Mr. Jean-Jacques Lavigne, Executive Director, Superyacht Singapore Association.
The Superyacht Singapore Association estimates the market for superyachts in the Asia-Pacific region to be worth around USD 350 – 500 million (SGD 447 – 639 million) a year.
While the traditional superyacht industry leaders in Europe and the USA went through a dip in the last couple of years due to the global economic downturn, builders and industry watchers are cautiously optimistic that the market will rebound as soon as consumer confidence stabilises.
A recent industry report revealed promising signs. November 2010 was a record month for the superyacht market. The total value of superyachts sold is reported to have broken through the €2 billion (SGD 3.5 billion) barrier at €2.37 billion (SGD 4.15 billion), a huge jump from the €1.55 billion (SGD 2.71 billion) figure from the same period in 2009.
A total of 22 yachts over 24 metres were reportedly sold in November 2010, at a total asking price of more than €410 million (SGD 717 million) – an indication that the super-rich are spending once again.
'With our wide array of tourism offerings, such as the two Integrated Resorts, unique retail and F&B experiences, and exciting calendar of lifestyle and entertainment events, superyacht owners will find Singapore a great destination for a stopover, or for an extended period of stay. Singapore’s position as the top business destination, coupled with strong business fundamentals and support of partners like the Superyacht Singapore Association makes it a great location to stage The Singapore Yacht Show and the Asia Superyacht Conference,' said Mr. Remy Choo, Deputy Director, Cruise, Industry Development Group, Singapore Tourism Board.
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