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Can Singapore become the 'Monaco of the East'?

nutbush

Alfrescian
Loyal
https://sg.finance.yahoo.com/news/singapore-become-monaco-east-090554806.html

As the Singapore Yacht Show gets under way this week, experts told CNBC the wealthy island nation was on the cusp of becoming the 'Monaco of the East.'
Although traditional stereotypes dictate that sailing and yachting might not be activities people normally associate with Asian culture, the preconception is radically changing, experts told CNBC, as Singapore and the region as a whole's ultra-rich fast develop a taste for the luxury yachting lifestyle.
"I don't think it's a matter of whether we will become the Monaco of the East I think we're pretty much there. It's quite an accepted lifestyle certainly for the wealthy here," said Paul Whelan, the general manager for Simpson Marine.
Read More My other Ferrari is a yacht
"Singapore has a very stable political environment, a very attractive economy and a safe and secure banking system. We're a small country just like Monaco and we have wonderful cruising grounds very close just like Monaco," he added.
And with Singapore was recently classified the most expensive city in the world by the Economist Intelligence Unit's most recent survey, it certainly seems to the place to tap the uber wealthy.
The wealthy sovereign city state of Monaco is located on the French Riviera in Western Europe, and is considered a hub for luxury living and the yachting industry.
The fourth annual Singapore Yacht show kicked off on Thursday for four days and is expected to attract over 11,000 visitors. It has 70 vessels on display worth a collective half a billion dollars, ranging from smaller boats to 'super yachts' which are often classified as yachts over 80 feet although definitions vary.
Read More Yachts: A practical investment for regular investors?
Other experts CNBC spoke to were more tentative to label Singapore the Monaco of the East, but said they definitely saw the potential.
"Singapore has all the assets and elements to become the Monaco of the East, it's the culture of boating that needs to be honed," said Oh Kean Shen, the managing director of Malaysian boat manufacturer Pen Marine.
"Of course money in Singapore is not a problem but there must be a mentality to do that. It's going to take time to change, time is the only medicine," added Tilli Antonelli, CEO and founder Italian yacht manufacturer Wider.
Antonelli added that the reputation of yachting hubs like Monaco and St Tropez had taken decades to establish.
"Monaco is Monaco because it's in the South of France, it's close to Cannes and St Tropez, and St Tropez took about 40-50 years to have this reputation because of celebrities visiting and staying in the country," he added.
Read More Singapore now world's most expensive city
However, both Antonelli and Oh said they saw the South East Asian yachting industry in a sweet spot at the moment.
"We have been doing this for the last 20 years in Asia and we have seen growth. I think there is a little kink of acceleration at the moment," said Oh.
"The good thing about Singapore is that it has a lot of foreign people who live here and they are used to that kind of lifestyle at home. So when the locals see what the expats are doing, then there will be a following," he added.
Read More China's rich buying up yacht companies
Interestingly, the typical profile of an Asian yacht owner is much younger than in the West, Simpson Marine's Whelan pointed out.
"The average Asian yacht owner is younger than that in the West, usually in their mid-40s. In the West, it's more people who have been successful in their career and are enjoying their money in their 50s. There is a lot more new money in Asia," he said, adding that buyers range from Singaporean Chinese, Singaporean Indian together with foreign expats.
Singapore does have some challenges to overcome before it can reach its potential as a yachting hub, however, Whelan added.
"In Singapore we are facing a shortage of berths, we do need to see increasing level of services here to cater to these yachts, especially in terms of the repair facilities and after-sales contractors," he added.
Read More Mystery megayacht owner looks for a safe harbor in New York
 

chonburifc

Alfrescian (Inf)
Asset
You all no good leh. How can say my birth land until like that. Personally. I call stinking land Jewel of PEE and SHIT. With so much PEE noy and SHIT skin, of course, stinks lah. PEE and SHIT on stinkees head.
 

enterprise2

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Loyal
U know Monaco is the 2nd most densely populated country in the world after Macau. Sinkapore is no 3 followed by HK.
 

nutbush

Alfrescian
Loyal
i have been there, monaco is smaller and it's opposite of cannes which is a place for renowned celebrities. there aren't many high rise buildings there. the sight of too many tall scrapers in s'pore is a turn off sometimes.


U know Monaco is the 2nd most densely populated country in the world after Macau. Sinkapore is no 3 followed by HK.
 

johnny333

Alfrescian (Inf)
Asset
We have achieved Swiss cost of living in less than a decade.

Have to agree about the cost. We are in fact number 1 in the cost of living.

I guess the PAP wants to make Spore a playground of millionaires & billionaires. We already have many home grown multi-millionaire civil servants:rolleyes:
 

Dark Knight

Alfrescian (Inf)
Asset
Sillypore still trying to be the "hub of everything" in SE Asia already cannot make it.
Don't really thing can duplicate the success stories of Macau or Monaco.
 

enterprise2

Alfrescian
Loyal
Have to agree about the cost. We are in fact number 1 in the cost of living.

I guess the PAP wants to make Spore a playground of millionaires & billionaires. We already have many home grown multi-millionaire civil servants:rolleyes:

That's the problem!! With all these millionaires coming here, no wonder everyone take opportunity to raise prices!!
 

AungSanSuShi

Alfrescian
Loyal
Monaco has culture, a good-looking royal family, and a quality football club. Sinkieland has nothing at all.
Sinkapore also has a royal family. It is called FamiLEE. LKY is the Emperor and LHL is the Crown/Clown Prince. Ho Jinx is the Empress Dowager-in-waiting. When LHL passes on, she hopes her son will ascend the Dragon Throne. As for a good quality football club, Sinkapore has a world-class ball club. Each time LEEgime is looking for a scapegoat, it will pass the blame (ball) on to Sinkies.
 
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