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KOP sails from property to yachts

Posted on 29 Sep 2009 | Comments Off

LUXURY property firm KOP Group is expanding its presence from land to sea, having snagged exclusive distribution rights for the Princess brand of yachts in Singapore and most parts of China.

Cruising along: Princess Yachts Asia and Aqua Voyage can provide yacht owners with comprehensive services, says Ms Ong

Princess Yachts Asia – a 40:60 tie-up between KOP and Reignwood Group – will start off with four Princess yachts for sale or lease. The joint venture plans to grow its fleet to around 20 yachts, and will invest up to $48 million in the next 12 months.

China-based Reignwood has various businesses across the property, recreation and beverage sectors. Princess Yachts Asia’s distribution rights will not extend to Hong Kong and Zhejiang province.

KOP is largely known for its prime residential projects – The Ritz-Carlton Residences and The Hamilton Scotts. It also owns Franklyn Hotels and Resorts, a hotel management company. The new nautical business fits well with the group’s existing portfolio given its ’strength in building the ultimate lifestyle experience,’ says CEO Ong Chih Ching.

The price of a V class Princess sports yacht can start from $850,000. In June last year, luxury goods giant LVMH acquired the boat maker Princess Yachts International for around £200 million (S$450.3 million). Continue reading →

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Posted in Developers

Tagged KOP, Princess Yachts Asia, Reignwood, The Hamilton Scotts, The Ritz-Carlton Residences

Developer KOP sails into yacht business

Posted on 29 Sep 2009 | Comments Off

PROPERTY developer KOP Group is moving into the yacht business with the launch of a $48 million joint venture that is poised to sell and manage luxury cruisers.

The new business, Princess Yachts Asia, has secured the exclusive distribution rights for British luxury yacht brand Princess Yachts in Singapore and most of China.

KOP and its partner, China conglomerate Reignwood Group, whose businesses include property development, are investing the money over the next 12 months. KOP holds a 40 per cent stake, and Reignwood 60 per cent.

Initially, the business is offering four Princess yachts in Singapore for sale or lease.

KOP has set up yacht management service company Aqua Voyage to work alongside Princess Yachts Asia and offer private cruises to destinations across Asia. It will also help yacht owners lease out their boats on the charter market.

KOP’s chief executive officer, Ms Ong Chih Ching, said yesterday that the group’s foray into the leisure marine sector was based on what it saw as the huge growth potential in Singapore. Continue reading →