SUTL Enterprise Ltd, the Singapore-listed marina developer, owner and manager, has signed a conditional sale and purchase agreement to acquire a 60% stake in a Thai company which holds the rights to develop a new 171-berth marina in Phuket. The potential deal, costing Sg$5.6m, involves buying a stake in the Thai company, Makham Bay Marina Co Ltd(MBM) based in Bangkok.

An announcement from SUTL stated: “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.” The project’s total construction cost is estimated to be S$24.3mn.

Under the terms of the agreement, SUTL will be involved in the design, construction, development, operation and maintenance of an exclusive, world-class integrated marina club and its intended marina facilities.

The announcement added: “The integrated marina club is positioned as a nautical lifestyle resort equipped with yacht chartering for nautical sports and recreation programmes, spa & wellness area and hotel room facilities to cater to both members and the general public. The project will bear the ONE°15 brand.”

The new marina will be able to accommodate yachts up to 61m (200ft) plus there will be 25 hard-stand spaces with dry-stack storage for a further 80 boats. The hospitality component will include 66 hotel rooms including four three-bedroom villas, a spa, a gym, a lifestyle pool, meeting rooms, banquet hall and multiple F&B outlets.

Other facilities such as boat brokers’ offices, dive operators, yacht charter companies, retail shops and other nautical lifestyle related outlets are also part of the development.

“When complete,” the SUTL announcement said, “the Project will be the only integrated marina club in the southern part of Phuket, among the island’s most luxurious resorts. In addition, members-only facilities will be provided as part of the overall development to service up to 2,000 members. This is in line with the Group’s vision of focusing and promoting the marina and yachting tourism lifestyle.”