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
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