SUTL Enterprise Limited (“SUTL Enterprise” or the “Group”), a leading marina infrastructure developer and owner of the ONE°15 brand, has entered into a conditional sale and purchase agreement (the “Agreement”) to acquire a 60% stake in Makham Bay Marina Co., Ltd. (“MBM”) for S$5.6 million. The project’s total construction cost is estimated to be S$24.3m.
MBM has construction permits and development rights for a proposed marina to be located at Makham Bay, Phuket, Thailand, for which it holds the land side and accompanying water area body for a 30-year leasehold period. As part of the Agreement, SUTL Enterprise will be involved in the design, construction, development, operation and maintenance of this exclusive, world-class integrated marina club and its intended marina facilities. The integrated marina club is positioned as a nautical lifestyle resort equipped with yacht chartering for nautical sports and recreation programs, spa & wellness area and hotel room facilities to cater to both members and the general public.
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