Mr Teo Ser Luck, Minister of State for Trade and Industry, at the Opening Ceremony of the Singapore Yacht Show on 27 April 2012

Opening Address by Mr Teo Ser Luck, Minister of State for Trade and Industry, at the Opening Ceremony of the Singapore Yacht Show on 27 April 2012, 10.30am, at Sentosa Cove

Mr Andy Treadwell, Managing Director, Singapore Yacht Show

Mr Arthur Tay, Chairman of ONE°15 Marina Club

Mr Paul Sun, Chief Operating Officer, SUTL

Mr Mike Barclay, CEO Sentosa Development Corporation

Distinguished Guests,

Ladies and Gentlemen,

Good morning.

Introduction

I am delighted to grace the opening ceremony of the Singapore Yacht Show 2012. I am glad to see so many professionals and representatives from the yachting, hospitality and lifestyle industries here today. 

About Sentosa Cove

Sentosa Cove, as a waterfront residential-cum-marina development, is the ideal location to hold this event. The rapid development of Sentosa into a world-class resort and lifestyle destination will also support and grow the region’s interest in Singapore’s yachting industry.

The development of a conducive infrastructure for yachting is another step towards making Singapore the next superyacht destination. The high standards of our marinas, such as Marina@Keppel Bay and Sentosa Cove, which have adjoining boating marina with berths for superyachts, will continue to attract enthusiasts and investors.

Singapore as a Superyacht Hub

Singapore has a vibrant superyacht industry. We are opening new marinas capable of berthing superyachts. We are also welcoming more yacht charters and agents, while marine engineering companies and shipyards are converting their services for white boat repair.

The four local world-class marinas hosting superyachts – Raffles Marina, Republic of Singapore Yacht Club, Marina@Keppel Bay and One Degree Fiifteen Marina – have seen an increase in the number of superyachts berthed in Singapore and are looking at expanding to meet the growing demand.

Singapore has great potential to be an important stopover destination for yachts visiting the region. Located at the confluence of major maritime routes, we have been blessed with deep waters, safe harbours and good weather all year round. The geography of Southeast Asia also allows this region to serve as a playground for cruise yachts.

Tourism

Developing the fledging superyachting industry is in line with our vision to focus on quality or yield-driven tourism. We have played host to a number of world-class events such as the Volvo Ocean Race, Around-the-World Clipper Race, and F1 Singapore Grand Prix. Private yachting therefore contributes to the mix of premium offerings that would add to the myriad of options for our international visitors. We can explore the opportunities in organising international and regional regattas and yachting events like the Singapore Yacht Show.

Conclusion

We should continue creating a supportive environment for the many marine industries that are needed to support the high-potential superyacht industry. This would, in turn, not only grow the superyacht and lifestyle industry but also make a valuable economic contribution to Singapore’s tourism industry and our reputation as a world-class lifestyle and travel destination.

I congratulate and thank the organisers of Singapore Yacht Show, the exhibitors and participants for being part of organising this significant event.  I wish you all an exciting few days ahead.