The eighth edition of the Singapore Yacht Show is back this week.
Southeast Asia is seeing increasing potential as a yachting region, industry players told CNBC, so expectations for the event were high.
The marina on Singapore’s Sentosa island will see superyachts like Amel’s La Familia, ICA’s Aquamarina, Heesen’s Lady Azul, and Ferretti’s Happy Days among many others over the weekend.
La Familia, which is the largest yacht on display at 55 meters in length, is on sale for 39,250,000 euros (more than $48 million). The average buyer for such a yacht are “extremely private, very wealthy,” according to Paul Moran, CEO of Eastwind Yachts, which is the broker for the sale.
Speaking with CNBC’s Dan Murphy, Moran also mentioned he believed in the potential of the Asian market because consumers there are developing a greater appreciation for yachting.
Indeed, yachting in Asia, particularly Southeast Asia, has been growing in popularity. The practice, once seen as a European and American pursuit, has picked up traction in Asia, with Thai, Indonesian, Malaysian, and Singaporean ultra-high net worth individuals expressing more demand, according to the Singapore Yacht Show.
Overall, the yachting market is “a big opportunity for Asia in particular,” according to Andy Treadwell, the CEO and founder of the Singapore Yacht Show.
Vrit Yongsakul, group managing director of Boat Lagoon Yachting told CNBC that the company has been “seeing more people, Asians and non-Asians alike, coming to appreciate the lifestyle of yachting.”