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Your Ultimate Guide to Yacht Financing in Singapore

Have you ever dreamed of owning a yacht in Singapore? If so, you are not alone. According to a report by Wealth-X, Singapore has the highest density of ultra-high-net-worth individuals (UHNWIs) in the world, with 1,361 people who have more than US$30 million in assets. Many of these wealthy individuals are avid boaters who enjoy the luxury and freedom of sailing in the waters around Singapore and beyond.

Owning a yacht in Singapore has many benefits. You can escape the hustle and bustle of the city and enjoy the tranquility and beauty of nature. You can explore the nearby islands and destinations, such as Malaysia, Indonesia, Thailand, and the Philippines. You can also host parties and events on your yacht, impressing your friends, family, and clients. Moreover, you can use your yacht as an investment, renting it out to other boaters or chartering it for tourism and business purposes.

However, buying a yacht in Singapore is not a cheap affair. Depending on the size, model, and condition of the yacht, the price can range from hundreds of thousands to millions of dollars. Not to mention the additional costs of maintenance, insurance, registration, berthing, and crew. Unless you have a lot of cash on hand, you may need to look for alternative ways to finance your yacht purchase.

That’s where yacht financing comes in. Yacht financing is a type of loan that allows you to buy a yacht with a fixed or variable interest rate and a repayment period of several years. Yacht financing can help you achieve your dream of owning a yacht without breaking the bank or liquidating your assets. It can also offer you some tax benefits, depending on your situation and the type of yacht you buy.

In this article, we will guide you through everything you need to know about yacht financing in Singapore. We will explain what yacht financing is and how it works, compare different types of yacht financing options available in Singapore, and discuss some common challenges and pitfalls of yacht financing and how to avoid them. By the end of this article, you will have a clear understanding of how to finance your yacht purchase in Singapore and enjoy the perks of being a yacht owner.

What is yacht financing and how does it work?

What is yacht financing and how does it work

Yacht financing is a form of secured loan that allows you to borrow money from a lender to buy a yacht. The lender will use the yacht as collateral, meaning that if you fail to repay the loan, the lender can repossess the yacht and sell it to recover the debt. Yacht financing is similar to car financing or mortgage financing, except that the loan amount, interest rate, and loan term are usually higher and longer, respectively.

To apply for yacht financing, you will need to provide some information and documents to the lender, such as:

  • Your personal and financial details, such as your name, address, income, assets, liabilities, and credit score
  • The details of the yacht you want to buy, such as the make, model, year, condition, and price
  • The details of the seller or broker of the yacht, such as their name, address, and contact information
  • The details of the insurance and registration of the yacht, such as the policy number, coverage, and expiry date
  • The details of the berthing and maintenance of the yacht, such as the location, cost, and frequency

The lender will then evaluate your application and determine whether to approve or reject it. The lender will also decide the interest rate and loan term of the yacht financing, based on several factors, such as:

  • Your credit history and score, which indicate your ability and willingness to repay the loan
  • Your income and debt-to-income ratio, which measure your financial stability and affordability of the loan
  • Your down payment, which is the amount of money you pay upfront for the yacht purchase
  • The value and condition of the yacht, which affect the resale value and risk of the loan
  • The market demand and supply of yachts, which influence the price and availability of the loan

Generally, the higher your credit score, income, and down payment, and the lower your debt-to-income ratio, the lower the interest rate and the longer the loan term you can get. Conversely, the lower your credit score, income, and down payment, and the higher your debt-to-income ratio, the higher the interest rate and the shorter the loan term you can get.

The interest rate of yacht financing can be either fixed or variable. A fixed interest rate means that the interest rate remains the same throughout the loan term, regardless of the market conditions. A variable interest rate means that the interest rate changes according to the market conditions, such as the prime rate, the base rate, or the LIBOR rate. A fixed interest rate offers you more certainty and stability, while a variable interest rate offers you more flexibility and potential savings.

The loan term of yacht financing can range from 5 to 20 years, depending on the loan amount, interest rate, and repayment schedule. The loan term affects the monthly payment and the total interest cost of the loan. The longer the loan term, the lower the monthly payment and the higher the total interest cost. The shorter the loan term, the higher the monthly payment and the lower the total interest cost.

What are the different types of yacht financing options available in Singapore?

What are the different types of yacht financing options available in Singapore

There are different types of yacht financing options available in Singapore, each with its own pros and cons. Here are some of the most common ones:

  • Bank loan: A bank loan is a type of yacht financing that you can get from a bank or a financial institution. A bank loan usually offers you a competitive interest rate and a long loan term, as well as some tax benefits if you use the yacht for business purposes. However, a bank loan also requires you to have a good credit score, a high income, a low debt-to-income ratio, and a large down payment. Moreover, a bank loan may have some fees and charges, such as origination fees, processing fees, appraisal fees, and prepayment penalties.
  • Broker loan: A broker loan is a type of yacht financing that you can get from a yacht broker or a dealer. A broker loan usually offers you a convenient and fast approval process, as well as some discounts and incentives if you buy the yacht from the same broker or dealer. However, a broker loan also requires you to pay a higher interest rate and a shorter loan term, as well as some commissions and markups to the broker or dealer. Additionally, a broker loan may have some limitations and restrictions, such as the type, age, and condition of the yacht you can buy.
  • Peer-to-peer loan: A peer-to-peer loan is a type of yacht financing that you can get from an online platform that connects borrowers and lenders. A peer-to-peer loan usually offers you a flexible and customized interest rate and loan term, as well as some privacy and anonymity if you prefer. However, a peer-to-peer loan also requires you to pay a higher risk premium and a higher default rate, as well as some fees and charges to the platform. Furthermore, a peer-to-peer loan may have some uncertainties and risks, such as the reliability and legality of the platform and the lenders.

Some examples of yacht financing providers in Singapore are:

  • DBS Bank : DBS Bank is one of the leading banks in Singapore that offers yacht financing for both new and used yachts. DBS Bank offers a fixed interest rate of 4.88% per annum and a loan term of up to 15 years, with a minimum loan amount of S$200,000 and a maximum loan amount of 70% of the yacht price.
  • Neo Yachting : Neo Yachting is one of the reputable yacht brokers in Singapore that offers yacht financing for both new and used yachts. Neo Yachting offers a variable interest rate of 6% to 8% per annum and a loan term of up to 10 years, with a minimum loan amount of S$100,000 and a maximum loan amount of 80% of the yacht price.
  • Funding Societies : Funding Societies is one of the popular peer-to-peer lending platforms in Singapore that offers yacht financing for both new and used yachts Funding Societies offers a variable interest rate of 8% to 12% per annum and a loan term of up to 5 years, with a minimum loan amount of S$50,000 and a maximum loan amount of 60% of the yacht price.

What are the common challenges and pitfalls of yacht financing and how to avoid them?

What are the common challenges and pitfalls of yacht financing and how to avoid them

Yacht financing can be a great way to buy your dream yacht in Singapore, but it also comes with some challenges and pitfalls that you need to be aware of and avoid. Here are some of them:

  • Overborrowing : Overborrowing is the situation where you borrow more money than you can afford to repay. This can happen when you underestimate the costs of owning and operating a yacht, such as maintenance, insurance, registration, berthing, and crew. Overborrowing can lead to financial stress, default, and repossession of your yacht. To avoid overborrowing, you need to plan your budget carefully and realistically, and only borrow what you need and can repay comfortably.
  • Underinsuring: Underinsuring is the situation where you have insufficient or inadequate insurance coverage for your yacht. This can happen when you overlook the risks and liabilities of owning and operating a yacht, such as accidents, damages, theft, vandalism, and lawsuits. Underinsuring can lead to financial losses, legal troubles, and personal injuries. To avoid underinsuring, you need to research your insurance options thoroughly and comprehensively, and choose the policy that suits your needs and budget.
  • Overpaying: Overpaying is the situation where you pay more money than the fair market value of the yacht. This can happen when you lack the knowledge and experience of buying and negotiating a yacht, or when you fall victim to scams and frauds. Overpaying can lead to financial regrets, depreciation, and negative equity. To avoid overpaying, you need to do your homework and due diligence, and consult a professional yacht broker or appraiser before buying a yacht.
  • Undermaintaining: Undermaintaining is the situation where you neglect or delay the maintenance and repair of your yacht. This can happen when you underestimate the importance and frequency of keeping your yacht in good condition, or when you try to save money by cutting corners or doing it yourself. Undermaintaining can lead to mechanical failures, safety hazards, and reduced performance and value of your yacht. To avoid undermaintaining, you need to follow the manufacturer’s recommendations and schedule, and hire a qualified and reputable yacht service provider to maintain and repair your yacht.

Owning a yacht in Singapore can be a rewarding and enjoyable experience, but it also requires a significant financial commitment and responsibility. Yacht financing can help you buy your dream yacht in Singapore without breaking the bank or liquidating your assets, but it also involves some challenges and pitfalls that you need to be aware of and avoid.

In this article, we have guided you through everything you need to know about yacht financing in Singapore. We have explained what yacht financing is and how it works, compared different types of yacht financing options available in Singapore, and discussed some common challenges and pitfalls of yacht financing and how to avoid them.

We hope that this article has given you a clear understanding of how to finance your yacht purchase in Singapore and enjoy the perks of being a yacht owner. If you have any questions or need any assistance with yacht financing, please feel free to contact us at BASCO Boating. We are the most reliable and effective boating platform in Asia-Pacific, and we are here to help you achieve your innermost dreams about life at sea.

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With relatively low interest rates in Singapore at the moment, financing may be a good option for boaters looking to purchase their dream boat. You can loan up to 70% of the price of the boat, depending on your income level and residency status. TheBoatShopAsia can also arrange Co-ownership and co-financing for those wanting to get into the boating lifestyle as a pair or in a group. We can also help manage the usage of your shared boat, by providing scheduling services, post-trip inspection and even key-drops for greater convenience! 

Contact us for more information!

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Your Ultimate Guide to Yacht Financing in Singapore

Jobayer - BASCO Team

Nov 6, 2023

Smooth Sailing: Navigating Yacht Financing Options in Singapore

🌟 Exciting News Alert! Introducing our latest blog post: " Your Ultimate Guide to Yacht Financing in Singapore " 🛥️

Ahoy, maritime enthusiasts! We've just dropped a comprehensive guide to help you set sail on your dream yacht journey. Dive into the intricacies of yacht financing in Singapore, where we demystify the process from bow to stern.

Learn about the various financing options available, from traditional loans to bespoke solutions tailored to your nautical ambitions. Discover key insights on interest rates, repayment terms, and eligibility criteria, ensuring you're equipped to navigate the financial waters with confidence.

Our expert team has meticulously curated this guide to provide you with the essential knowledge needed to embark on your yacht ownership adventure. Whether you're a seasoned sailor or a first-time boat owner, this resource is a must-read.

Don't miss out on this invaluable resource! Click the link below to explore "Your Ultimate Guide to Yacht Financing in Singapore" and set sail towards your maritime dreams. ⚓️📖

Visit: https://basco.asia/your-ultimate-guide-to-yacht-financing-in-singapore/

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How Much Does It Cost To Own a Boat or a Yacht in Singapore?

joannepoh

Cruising the seas on a yacht is the ultimate in luxury, as those folks with their very own super yachts berthed at Sentosa Cove’s marina would know.

Owning a boat is obviously not cheap the way a shopping spree at Daiso would be, but it does not have to cost millions either.

How much is a boat in Singapore?

Boats come in all shapes and sizes, and the prices can vary wildly. As with cars, a second hand boat costs significantly less than a brand new one.

Generally, prices cost from about $50,000 onwards for a second hand boat. On the other end of the scale, some of the biggest, fanciest yachts with spacious onboard living space can cost over a million bucks.

How much does it cost to berth your boat per month?

Wet berthing costs are generally in the $480 to $1,500 per month range, depending on location and the size of your boat. If you are getting a club membership in order to berth your boat, you might also receive other perks like use of the club’s gym.

Here are the available Marinas in Singapore:

  • Marina @ Keppel Bay
  • Marina Country Club
  • One Degree 15
  • Raffles Marina
  • Republic of Singapore Yacht Club
  • SAF Yacht Club Changi
  • SAF Yacht Club Sembawang
  • Changi Sailing Club

How to buy a boat in Singapore?

The easiest way is to approach a boat dealer. Dealers usually have a mixture of brand new and second hand boats for sale.

If you are not paying the full cost in cash, some boat dealers will offer their own loans if you are buying one of their boats. Alternatively, you can seek financing by taking out a personal loan .

Maintenance and repairs per month

Your maintenance costs will obviously depend on how frequently and intensively you use your boat. If you use your boat every weekend, you should budget at least $500 to $1,500 per month. This cost includes the cost of fuel and any repairs or replacements that must be made.

Other than mechanical checkups and maintenance, you should also take into account costs such as marina memberships fees, cleaning services and the price of getting your boating license if you do not already have one.

Insurance for a boat

Your boat insurance premiums will depend on factors such as boat model and size, as well as what your boat is being insured for. Most insurers will offer hull coverage, which protects the hull as well as the items attached to or kept and used on the boat, such as marine electronics.

Other features that might or might not be included are cleanup coverage in case of fuel spills, and removal of wrecks. You should also check the limits of the territory in which your boat is insured.

Be prepared to pay at least $1,200 a year for the most basic insurance plans.

How to get a boat licence in the first place?

In order to pilot a boat, you will need a Powered Pleasure Craft Driving Licence.

There are several organisations conducting courses (usually 2 or 3 days long) that will prepare you for the test, namely the following:

  • SAF Yacht Club
  • ONE15 Marina Club
  • Singapore Police Force Aquatic Club
  • Singapore Polytechnic
  • Singapore Powerboat Association
  • Water Venture Changi

To get your licence you will have to pass both a theory and practical test.

Set aside about $350 for the course fees, as well as about $190 for the tests and licence fee, assuming you pass on your first try.

Is a boat or yacht a liability or an investment in Singapore?

Like a car, a boat is a depreciating asset. You will be paying significant costs in order to operate and maintain it, and you are unlikely to be able to sell it at a much higher price than you got it for, unless you are undertaking major restoration or renovation works.

That being said, it is still possible to monetise your boat or yacht by renting it out. For instance, there is quite a bit of demand for weekend yacht parties in Singapore. This does take extra work though, as many yacht rental businesses provide not only a crew but also perks like champagne buckets.

Total cost of owning a boat for a year (minimum)

Thinking of buying a boat in Singapore? Share your questions in the comments!

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The future growth of Maritime Singapore

ccib fm the future growth maritime Singapore masthead

22 Nov 2021

Find out how Singapore’s maritime sector is transitioning, and the role innovative financing can play.

What must Singapore do to retain its status as the world’s busiest transshipment hub 1  in the face of challenges posed by COVID-19, and a changing global landscape?  At the Marine Money Week Asia 2021 conference in Singapore, Quah Ley Hoon, Chief Executive of the Maritime and Port Authority of Singapore (MPA), shared insights with Abhishek Pandey, Global Head of Shipping at Standard Chartered, on Maritime Singapore’s vision for achieving this through a high-tech port ecosystem, and by accelerating decarbonisation.

The future of the port of Singapore

More than 80% of goods are transported by ship 2 ; and Singapore is an important global node in that process. Singapore is the world’s busiest container transhipment port, and has been ranked as the world’s leading port and top maritime centre by the Xinhua-Baltic index for the past eight years. 3 It receives many vessel calls annually 4 and hosts some 5,000 maritime businesses, 5 ranging from ship owners and operators to broking and chartering services, to port operations agencies, to marine insurers and reinsurers. 6,7

At the same time, Singapore’s maritime industry faces several challenges, and the pandemic has exacerbated them. These include the need to improve intermodal connectivity 8 – which affords a range of transport alternatives that unconnected systems do not – to retain and enhance the city’s share of global container traffic 9 ; expedite the process of digitalisation across the sector; and attract, retain and upskill talent in a rapidly changing industry. 10

The MPA has had to deal with these issues as part of its overarching mandate to develop the country’s status as the gateway to Asia. In turn, the agency sees its role as building a strategic partnership with the maritime ecosystem rather than simply setting rules for businesses within it. “The MPA is one of the few agencies in the world that acts as both a regulator and a promoter,” Ley Hoon told the conference, while adding that it is not always easy to strike a balance between the interests of different parties.

The ongoing pandemic, for example, has required the MPA to straddle the conflicting priorities of maintaining Singapore’s status as a global shipping hub and shielding its citizens from external sources of infection at the same time. To this end, the government has introduced the Sea Crew Vaccination Initiative, whose aim is to work with shipping companies and unions to vaccinate as many seafarers as possible, including non-resident ones, 11  while also putting in place safe crew change procedures. Nevertheless, the disruption to supply chains caused by the pandemic has demonstrated why it is now so important to remove friction points that slow down the world’s trade.

Digital processes can minimise friction

Digital innovation is seen as central to the effort to remove supply chain bottlenecks. “First, we need interoperability,” Ley Hoon told the conference. “We actually see shipping in Singapore not just as ‘shipping’ or ‘transporter’, but as a key component of the global supply chain, meaning therefore that there must be integration and interoperability with logistics players.”

This interoperability requires different digital platforms to be able to talk to one another, for instance, between the platforms used by shipping companies, shipping agents and logistics operators. “I was once told that there are 18 touchpoints across the entire global supply chain,” she said. “[We] can only advance as fast as the weakest link, meaning that everyone needs to level-up.”

The MPA’s strategy for driving this interoperability revolves around digitalOCEANS™, an initiative that facilitates cross-border data exchange and automated services between supply chain participants, clearance authorities and other national windows. 12  The idea is that digitalOCEANS™ will forge system-to-system interoperability that forgoes the need for form-based submissions so that when a ship or cargo needs clearance, the system is as seamless and paperless as it possibly can be.

“We are looking at how to enhance connectivity all the time, and that includes layering physical connectivity with digital connectivity,” Ley Hoon said.

Green finance to the rescue

However, this hyper-connectivity places greater demand on the investments required across the supply chain. As Abhishek pointed out: “Most of the well-known European shipping banks have either exited shipping or curtailed their operations and returned to their core markets, leaving a gap.”

One way of filling this gap is the rapidly expanding world of green finance. Decarbonisation is now a significant priority for the shipping industry, and many companies have dedicated teams to determine the best path forward. In August, the MPA established the Global Centre of Maritime Decarbonisation (GCMD) with SGD120 million fund from MPA and six founding partners. GCMD is dedicated to collaborating with the industry to explore ways to reduce emissions in the sector. 13

Singapore is also leading efforts to promote the use of greener fuels such as LNG and funding research to develop zero-carbon fuels. 14  In addition, the MPA is looking at building waterfront facilities in Singapore to support the Global Centre for Maritime Decarbonisation’s research and testing of green marine technologies.

The second strand of support is the MPA’s Maritime GreenFuture Fund, an SGD40 million (USD30 million) pot of money that will support this kind of R&D activity. 15 The GreenFuture fund can be particularly helpful to small and medium-cap firms who may find it difficult to source affordable lending from a bank. One example is electrified harbour craft, with three consortia awarded funding to research these low-carbon vessels. 16

There is also potential for Singapore to develop its capabilities in maritime green financing, by leveraging the existing green finance strengths of the nation. Parallels can be drawn from how MPA grew Singapore’s MarineTech ecosystem, where angel investors and venture capitalists were brought in to be matched with start-up companies based on the unique suite of needs from each of the organisations. The future Green Ship Finance Hub in Singapore can potentially explore the growth of these connectors and intermediaries such that companies of all sizes with project proposals can be linked with financiers, thereby increasing financing flows to our ecosystem of companies.

Standard Chartered, a signatory to the Poseidon Principles, a global framework aligned with the International Maritime Organization’s goal to reduce the shipping industry’s total annual GHG emissions by at least 50% by 2050, 17   is likewise working to extend sustainable loans to shipping companies that are investing in technologies that reduce their carbon footprints. 18

The need for multi-faceted solutions – technological, financial, regulatory, cultural – explains the importance of umbrella concepts such as Maritime Singapore, which can unify these different strands under a common agenda, solving complex problems in the process.  This disciplined, coherent approach has driven Singapore to its current status as a world-class shipping hub, and is likely to form the basis of its future success.

1   http://www.maritimesingapore.sg/about-maritime-singapore/ 2 https://unctad.org/topic/transport-and-trade-logistics/review-of-maritime-transport#:~:text=Around%2080%25%20of%20the%20volume,higher% 20for%20most%20developing%20countries. 3   https://www.balticexchange.com/en/news-and-events/news/press-releases-/2021/singapore-tops-international-maritime-centre-rankings.html 4   https://www.mpa.gov.sg/web/portal/home/maritime-singapore/introduction-to-maritime-singapore/premier-hub-port 5   https://www.mpa.gov.sg/web/portal/home/maritime-companies 6   http://www.maritimesingapore.sg/maritime-industry-overview/ 7   https://www.mpa.gov.sg/web/portal/home/maritime-singapore/what-maritime-singapore-offers/global-maritime-services/marine-insurance-services 8   https://www.spglobal.com/platts/en/market-insights/latest-news/shipping/011421-singapores-2020-maritime-performance-resilient-despite-global-covid-19-hurdles-minister 9   https://theloadstar.com/singapore-eyes-rebound-in-intermodal-traffic-after-2020-box-volume-dips/ 10   https://www.mpa.gov.sg/web/portal/home/media-centre/news-releases/detail/e441e601-6021-466f-a47a-ed4348768534 11   https://www.straitstimes.com/singapore/transport/singapore-to-offer-covid-19-vaccines-to-non-resident-foreign-seafarers 12   https://www.mpa.gov.sg/web/portal/home/maritime-singapore/what-maritime-singapore-offers/digitaloceans 13   https://www.mpa.gov.sg/web/portal/home/media-centre/news-releases/detail/bf2aaf98-833a-4515-8f3f-64d534fa36c3 14   https://www.spglobal.com/platts/en/market-insights/latest-news/shipping/011421-singapores-2020-maritime-performance-resilient-despite-global-covid-19-hurdles-minister 15   https://www.sgpc.gov.sg/media_releases/mpa/press_release/P-20210203-1 16   https://www.porttechnology.org/news/mpa-and-smi-award-funding-for-electric-harbour-vessel/ 17   https://www.globalmaritimeforum.org/poseidon-principles 18 https://www.globalmaritimeforum.org/poseidon-principles

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Find your local site, united kingdom, standard chartered bank, hq.

1 Basinghall Avenue, London, EC2V 5DD. In the United Kingdom

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Av. Leandro N. Alem 855 – 32nd Floor, Buenos Aires (C1001AAD), Argentina.

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Level 5, 345 George Street, Sydney NSW 2000, PO Box 7042, Sydney NSW 2001, Australia.

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Taunusanlage 16, 60325 Frankfurt am Main, Deutschland/Germany.

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Jersey Branch, PO Box 80, 15 Castle Street, St Helier, Jersey JE4 8PT, Channel Islands. 

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We understand the personal benefits of owning a superyacht, as well as the beauty and craftsmanship it represents. As a recognized provider of yacht financing, we can assist you with your purchase of a new or pre-owned yacht, or unlock the liquidity in a yacht you already own.

As a recognised provider of yacht financing, we understand the personal benefits of owning a superyacht—as well as the beauty and craftsmanship that a luxury superyacht represents.

At J.P. Morgan Private Bank, we can assist you with your purchase of a new or pre-owned yacht, or to unlock the liquidity in a yacht you already own. You can benefit from our high level of diligence and experience, as well as our ability to offer flexible, cost-effective options that can address your cash flow, tax position and lifestyle needs.

Yachting is a passion for many of our clients. So they can spend more time setting sail, we partner to support them on all aspects of their yachting journey.

Why leverage a yacht?

  • Find liquidity in a traditionally illiquid asset Fund your purchase of a new or pre-owned superyacht through a bespoke financing strategy, or refinance the superyacht you currently own.
  • Preserve your equity capital Make additional higher-yielding investments, direct additional funds toward your business, or increase liquidity to meet expected or unexpected cash flow requirements.
  • Maintain your investment strategy Optimize and increase your assets without disrupting your investment portfolio.
  • Diversify your sources of liquidity Superyacht financing offers a different source of borrowing, potentially freeing up other secured lines of credit for more tactical purposes.

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Guide: Considerations when purchasing, owning and operating a yacht

In partnership with some of the leading organisations in the yachting industry, Sam Cook, Head of Specialty Lending (Yacht, Aircraft, Art), J.P. Morgan Private Bank, EMEA, explores key questions to consider when purchasing, owning and operating a superyacht.

Yacht Financing Services

Key Services: As with specialty assets, the purchase of a superyacht brings together many highly skilled professionals. Our lending advisors have a consultative approach with an understanding of the complexities of building, purchasing, managing and chartering superyachts. We will help you consider the implications based on our knowledge of the superyacht industry and understanding of your financial condition, cash flow and balance sheet, so that you can make the right financing decision with confidence.

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  • Registry Guidance:  We can help coordinate guidance on choosing the appropriate jurisdiction for registration yacht financing terms—in consideration of the Tax & VAT implications, chartering requirements and your financing needs.
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  • Collaboration with your other advisors:  We coordinate with your other trusted professionals to help ensure the best outcome for you.

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Bitcoin usd, cmc crypto 200, s&p 500, ftse bursa malaysia, jakarta composite index, how much does it cost to own a boat or a yacht in singapore.

Cruising the seas on a yacht is the ultimate in luxury, as those folks with their very own super yachts berthed at Sentosa Cove’s marina would know.

Owning a boat is obviously not cheap the way a shopping spree at Daiso would be, but it does not have to cost millions either.

How much is a boat in Singapore?

Boats come in all shapes and sizes, and the prices can vary wildly. As with cars, a second hand boat costs significantly less than a brand new one.

Generally, prices cost from about $50,000 onwards for a second hand boat. On the other end of the scale, some of the biggest, fanciest yachts with spacious onboard living space can cost over a million bucks.

How much does it cost to berth your boat per month?

Wet berthing costs are generally in the $480 to $1,500 per month range, depending on location and the size of your boat. If you are getting a club membership in order to berth your boat, you might also receive other perks like use of the club’s gym.

Here are the available Marinas in Singapore:

Marina @ Keppel Bay

Marina Country Club

One Degree 15

Raffles Marina

Republic of Singapore Yacht Club

SAF Yacht Club Changi

SAF Yacht Club Sembawang

Changi Sailing Club

How to buy a boat in Singapore?

The easiest way is to approach a boat dealer. Dealers usually have a mixture of brand new and second hand boats for sale.

If you are not paying the full cost in cash, some boat dealers will offer their own loans if you are buying one of their boats. Alternatively, you can seek financing by taking out a personal loan .

Maintenance and repairs per month

Your maintenance costs will obviously depend on how frequently and intensively you use your boat. If you use your boat every weekend, you should budget at least $500 to $1,500 per month. This cost includes the cost of fuel and any repairs or replacements that must be made.

Other than mechanical checkups and maintenance, you should also take into account costs such as marina memberships fees, cleaning services and the price of getting your boating license if you do not already have one.

Insurance for a boat

Your boat insurance premiums will depend on factors such as boat model and size, as well as what your boat is being insured for. Most insurers will offer hull coverage, which protects the hull as well as the items attached to or kept and used on the boat, such as marine electronics.

Other features that might or might not be included are cleanup coverage in case of fuel spills, and removal of wrecks. You should also check the limits of the territory in which your boat is insured.

Be prepared to pay at least $1,200 a year for the most basic insurance plans.

How to get a boat licence in the first place?

In order to pilot a boat, you will need a Powered Pleasure Craft Driving Licence.

There are several organisations conducting courses (usually 2 or 3 days long) that will prepare you for the test, namely the following:

SAF Yacht Club

ONE15 Marina Club

Singapore Police Force Aquatic Club

Singapore Polytechnic

Singapore Powerboat Association

Water Venture Changi

To get your licence you will have to pass both a theory and practical test.

Set aside about $350 for the course fees, as well as about $190 for the tests and licence fee, assuming you pass on your first try.

Is a boat or yacht a liability or an investment in Singapore?

Like a car, a boat is a depreciating asset. You will be paying significant costs in order to operate and maintain it, and you are unlikely to be able to sell it at a much higher price than you got it for, unless you are undertaking major restoration or renovation works.

That being said, it is still possible to monetise your boat or yacht by renting it out. For instance, there is quite a bit of demand for weekend yacht parties in Singapore. This does take extra work though, as many yacht rental businesses provide not only a crew but also perks like champagne buckets.

Total cost of owning a boat for a year (minimum)

Thinking of buying a boat in Singapore? Share your questions in the comments!

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How to buy a yacht in Singapore: Cost, size and other factors to consider before sinking your money in

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Laura Nineham

Riva 50M

The demand for big boys toys is on the rise, and it’ll only continue to grow. Here’s what you ought to think about before joining the party

It doesn’t take much to notice that the demand for yachts has been steadily increasing in Asia in the past few years. Yacht shows – such as the Singapore Yacht Show and Thailand Yacht Show – have reportedly pushed for a fair number of sales. In particular, the number of superyachts (over 79 feet / 24m in length) in Thailand increased by over 50 per cent in the last three years.

According to the 2019 Global Order Book , 78 per cent of yachts being built are motor yachts, with one in four measuring 78 to 88 feet (23 to 26m). But new builds only represent a small portion of yachts available to buyers. There are almost 800 superyachts advertised for sale online, and the majority of these are pre-owned.

Which yacht builder should I go to?

The first – and most important question – is who to buy your yacht with. If you’ve already seen a yacht you like, that solves a lot of issues. But if you need help finding the right yacht, that’s where you need a broker to step in. There are numerous brokers and dealers in Singapore, such as Simpson Marine , Hong Seh Marine and Boat Lagoon Yachting Singapore.

To build or to buy?

Many first-time owners prefer purchasing pre-owned yachts and refurbishing it, as it gives them an opportunity to really understand the workings of the vessel. Price wise, expect an upwards of USD9 million (S$12 million).

Driftwood yacht

Uncovering the (not so) hidden costs

You’ll also have to take into account the upkeep, which includes everything from insurance, fuel, docking fees to crew salaries, maintenance and repair bills and more. A conservative figure to keep in mind would be shelling out 10 per cent of the yacht’s value towards its upkeep every year.

Pleasure pursuits

It’s also important to ask yourself what the main objective of your purchase. Is it for business, where the intention is to charter? Or is it for personal use. If it’s the latter, how open are you to renting it out when it’s not in use? On average, owners are on board just six weeks a year, and chartering the yacht allows them to maximise their purchase.

The charter market is fairly competitive, and this means you’ll need to be very selective about the yacht you’re purchasing. The most popular charter yachts offer equally sized ensuite cabins, plenty of space to entertain, are run by an exceptional crew. They also tend to have the latest amenities like tenders, jet skis, a gym, whirlpool tub and at times, a spa.

You also need to identify your clientele and market share. It’s easy to find a yacht that can accommodate eight people, but when you start looking at 10 or more overnight guests, the number of potential yachts will drop. Ask yourself if that’s a space you’d like to be in. It’s important to be aware that if you want the yacht to accommodate more than 12 guests, the classification rules change and it becomes more complex.

Building: bespoke, classic production or semi-production

For those who have their hearts set on building yacht, you can either go for a bespoke build or a production piece (mass built by the brand).

And here’s where things get slightly trickier. There are roughly 150 new yachts hitting the water every year, but only a few of these are custom builds . If you’re looking for a yacht under 100 feet (30m), consider a production yacht. Price aside, it will be delivered to you much sooner, given that there are less bespoke options on a yacht for you to consider.

If you go with a production yacht, choose between a classic or semi-production yacht, the latter which is essentially a more customised option. Semi-production superyachts sit on a production hull while allowing you to make a number of personal touches, offering the best of both worlds in terms of cost and personalisation.

But if you truly desire a custom-built superyacht, you can take a look at some concepts that have been backed by superyacht yards , or commission a team to craft a yacht that is tailored to your specifications .

Riva 50M

Play the waiting game

Commissioning a new build is a complex process that spans years. Expect to wait upwards of three years depending on the size. According to a representative from Benetti Yachts , it takes roughly four years from the time someone toys with the idea of buying a yacht to actually making the purchase.

Choice of marina

Singapore is an obvious choice in the Southeast Asian region, given its lack of severe weather conditions and stable economy, explains Scott Walker, director of Asia Pacific Superyachts Singapore.

The city’s robust banking system is also preferred by the wealthy, which makes it simpler to send or receive money if you’re transferring the purchase price or dealing with charter fees. Plus, Singapore has shipyards and service providers in abundance. Adding to the appeal is the fact that foreign registered yachts can also be exempted from GST on purchases if they go through the proper channels, Walker says.

It’s location as a hub for the region is another reason to keep yachts in Singapore, as it’s within sailing distance to Pulau Tioman in Malaysia and the Anambas Islands in Indonesia.

Size matters

Of course, the marina you select also depends on the size of your yacht. The bigger the yacht, the more challenging it’ll be to find space for her in the region. The most common size for a superyacht is between 78 and 100 feet (24 and 30.5 metres), but that’s on a modest side of the scale. For context, Azzam , the largest yacht in the world measures six times that, at 590 feet (180m). And not many marinas are able to accommodate yachts of that size.

If you decide to keep your yacht in Singapore, you’ll need to ensure the size is under 200 feet (61m), because that’s the maximum size that can be accommodated ONE°15 Marina Sentosa Cove, our city’s most prestigious marina.

With 90 per cent of yachts staying at the marina on a long-term basis, ONE°15 Marina Sentosa Cove is a realistic option for a homeport. But space is competitive: the marina receives more than double the number of enquiries than they have berths each year, reveals Esther Ang, marketing manager of the marina.

In fact, demand is so high that the marina is undergoing renovation. By the end of 2020, it’ll be able to accommodate 19 superyachts, up from its original 12. Yet another reason to berth at ONE°15 is its CIQP facilities, which allows the boats to clear in and out of Singapore at the marina, instead of the Immigration Anchorage.

If you’re thinking of buying a yacht closer to 100 feet (30.5m), your berthing options increase – but the three other marinas in Singapore with space for yachts of this size. When Raffles Marina opens its CIQP facility in October, it may become a more attractive alternative to ONE°15.

San Lorenzo 64Steel

How far can it go?

To understand just how long-range your yacht needs to be, you have to know where you’d like to take her. If you plan to cruise the coasts of Malaysia, Thailand and beyond, range is less of a concern because there are a handful of facilities that you can access, such as Royal Selangor Yacht Club, Royal Langkawi Yacht Club and Royal Phuket Marina.

But if you’d like to go somewhere more remote on a regular basis, you’ll need a yacht with a higher range. Take for example Indonesia, where the nearest marina is in Bali, and can accommodate yachts up to 98 feet (30m) in length. In this instance, you should aim for a range above 2,500 nautical miles. Feadship’s Najiba has a range of 6,000 nautical miles , for example, although that is exceptionally far.

For those who’re especially keen on exploring the numerous archipelagos that scatter the region, it’s best to opt for a yacht of a smaller size, which relates to a smaller draft, and ease for exploration. Or maybe consider purchasing a chase boat while you’re at it.

Lastly…

Don’t forget to hire a lawyer right from the start of the process. Buying a yacht is more like purchasing a jet or floating real estate, compared to a car and should be treated with as much scrutiny. We’ll leave you with a tip: Never skip the sea trial or full condition survey, and don’t skimp on doing the due diligence.

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How Much Does it Cost to Buy a Yacht in Singapore?

How much does it cost to buy a yacht in Singapore? Well, expect to pay more than the cost of the yacht itself. There are also other expenses that you should take into consideration. This article will discuss just that.

If you want to invest as an expat or high-net-worth individual, which is what i specialize in, you can email me ([email protected]) or use WhatsApp (+44-7393-450-837).

Introduction

Living on a yacht in the marinas of Singapore and sailing beyond them may be one of the things you’re looking most forward to. You may have already tried renting a yacht and experienced first-hand what it feels like to have one. And, with the experience that traveling by sea gives, you might just want to keep coming back for more. 

Over time, the cost of renting a yacht can add up. It also gives you less freedom to sail whenever and wherever you desire. Because of this, you just may be wondering how to buy a yacht for yourself. Read more to find out how you can start this exciting journey ahead and how much it will cost you.

On average, a new yacht costs $1,219,884 SGD ($887,453.05 USD), while a second-hand yacht costs $683,783 SGD ($497,445.09 USD). However, there are listings that can go as low as $45,773.84 SGD ($33,300 USD) and as high as $40,239,190.57 SGD ($29,185,058 USD). 

Apart from size and age, the cost of a yacht in Singapore is dependent on various factors. First, it depends on whether the yacht is brand new or secondhand. If purchasing a secondhand yacht, determine if the previous owner was a yacht charter company or a private individual. 

Yacht charter companies regularly sell their newly bought yachts in order to replace them with the latest models. This ensures that they offer the best to their customers. For buyers, this means you can find an ex-charter yacht that has been well-maintained, especially if it comes from a reputable charter company. Though upfront costs can be lower, you will also need to consider the cost of repairs. Given that it has been for public use, the interior and exterior are prone to wear and tear.

buy a yacht in Singapore: the brand affects the price

Second, the type of yacht also matters. The main types of luxury charter yachts are motor, sailing, catamaran, and gulet. 

Third, just as a car from luxury brands such as Audi and Tesla is more expensive, the company that manufactured the yacht also dictates its price. There are different brands to choose from when deciding on what luxury yacht to buy. In line with this, the yacht designer, who meticulously crafted the details of the yacht, also plays a part in its value.

What Other Costs Should I Keep in Mind When Buying a Yacht in Singapore? 

Apart from the cost of the yacht itself, there are other expenses that you should factor into your budget. These are listed below. 

1. Fees to rent a berth and obtain membership in a marina

There are relevant rental fees charged for individuals who intend to berth their yacht at a marina. In Singapore, there are different marinas that you can choose from, such as the following:

  • One°15 Marina Club
  • Marina at Keppel Bay
  • Raffles Marina
  • Republic of Singapore Yacht Club
  • SAF Yacht Club
  • Marina Country Club (Punggol)
  • Changi Sailing Club

Each has its own services for berthing, additional amenities, and fees charged. For example, berthing a 50-to-60-foot yacht at ONE°15 Marina costs between $1,920 SGD and $2,300 SGD per month for members. But on average, you can expect to pay anywhere from $480 SGD to $1,500 SGD per month. 

For those who plan to anchor their yacht, this can often be done for free. Take note that this will most likely come with restrictions, depending on where you are. Furthermore, there may also come a time when you decide to store your yacht on land. This would similarly incur expenses to rent space in a storage facility. 

one marina

2. Maintenance and repairs of the yacht

For those buying a second-hand yacht, this often involves the need to refurbish both the interior and exterior. But beyond that, all yachts will eventually need maintenance and repairs later on. Expenses for regular cleaning services should also be included. Some would say that annual maintenance costs are roughly 5–10% of the yacht’s value. However, it would still depend on the frequency of use of the yacht and the weather conditions it is exposed to. 

Expect to pay around $1,500 SGD to $2,000 SGD every month. This includes costs for fuel and repairs, should you use your yacht every weekend. The aforementioned amounts still lean toward what you can at least expect, so it may be more than that.

3. Equipment and accessories 

Safety and communication equipment are must-haves when owning a yacht. This ensures that you’re well-prepared for unexpected situations should they arise. In general, it would be wise to keep a life jacket, a first aid kit, mooring lines and fenders, spare fuel, and others. Apart from that, batteries, pumps, lights, and oil are often recurring costs. 

4. Insurance for the yacht

An insurance policy is a prerequisite for all yacht owners prior to the issuance of a pleasure craft license. The appropriate insurance coverage for your yacht will be determined by its size, age, docking place, and how it will be used. Some would advise having enough insurance to purchase a new yacht. This becomes beneficial in the unfortunate event that the whole of your yacht becomes damaged beyond repair or gets lost.

More often than not, insurance plans shoulder the costs associated with damage and/or loss of the yacht, legal liabilities to affected parties, and for the owners of the yacht themselves. Basic insurance plans usually cost $1,200 annually, at the minimum.

5. Getting a Pleasure Craft License and a Driving License 

A pleasure craft refers to any craft that will be used within the port of Singapore for the purposes of sports or leisure. This excludes a craft used to board passengers who will go on sightseeing tours for a fee. When licensed by the Maritime and Port Authority (MPA), the pleasure craft will be prefixed with “SZ.” This indicates that the craft is licensed for private use. The license fee costs between $30.00 and $100.00 per year.    

driving a yacht

Apart from that, the person driving the yacht himself must apply for a powered pleasure craft driving license (PPCDL) or an Advanced Powered Pleasure Craft Driving Licence (APPCDL). Prior to the application of a license, the following eligibility criteria must be met:

  • Must be at least 16 or 18 years of age
  • Must have completed a recognized course about the handling of a powered pleasure craft
  • Must have obtained a valid medical certificate 
  • Must have completed the PPCDL or APPCDL examinations administered by the Singapore Maritime Academy (SMA)

On average, the courses cost $350, which includes both theoretical and practical lessons. Apart from that, the license examination fees cost between $20.00 and $100.00, while the issuance of the driving license costs $10.00 or $20.00.

With this, be prepared to spend at least $50,000 per year to own a yacht in Singapore. This price gives you the most affordable yacht there is, so it would be better to expect more than that. When you do decide to buy one, you will also have the option of earning money by renting it out. But even when this is not the case, living on the water and being able to explore by sea can make it well worth the investment.

Pained by financial indecision? Want to invest with Adam?

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Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.

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Frank Ramos is your Trusted Advisor and Yacht Finance Specialist with over 30 years of yacht financing experience and over $1 billion in yacht financing transactions.

Whether it involves a simple personal ownership or a more complex corporate or foreign flag structure, I can guide you through the process to facilitate a smooth transaction with terms designed to meet your needs, competitive pricing and unparalleled service.

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Since 1984, I have been involved in banking and have concentrated working with all the major lenders in the marine industry. This experience has resulted in a strong lending background and industry knowledge to assist you in navigating the waters of yacht financing.

I can assist you with all aspects of financing your yacht, whether purchasing a new or used vessel or refinancing an existing loan. Our company offers simple, convenient application procedures, a fast response, and a willingness to work with you to help make your dreams come true. I am 100% committed to helping make your purchase or refinance a pleasant experience.  

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Super Yacht

Super Yachts or Mega Yachts are very expensive, privately owned,professionally crewed sailing or motor yachts. There is no industry-wide standard for the difference between super yacht and mega yacht. The only legal distinction between them is the length of the yacht - above 24 metres and above 50 metres respectively

Sailing Yacht

Plenty of them in South East Asia. Sailing yacht is a leisure craft that uses sails as its primary means of propulsion. They have a keel, centreboard and daggerboard. In recent years, these yachts have evolved from fairly simple vessels with basic accommodation into sophisticated and luxurious boats.

Motor Yacht

Commonly known as recreational yachts that normally range from 10 metres and above; and made of fibreglass, aluminium, steel or carbon fibre. Clever use of ergonomics allows interior space in the salon for a galley (kitchen), bedroom, navigation area and equipment plus large deck areas in some for relaxation.

A catamaran is a two hulled craft that derives stability on water from its wide beam that reduces the rocking motion. The two hulls are connected by a bridging structure with webbing. Catamarans have large and spacious interiors and cabin space. Catamarans usually have a shorter draft than monohulls.

Monohulls use heavy, weighted keels suspended under water to keep the boat upright. In theory, no matter how much you heel, gravity will not let the keel come out of the water. We have a varied range in this category of yachts in Singapore, Malaysia, Indonesia and Thailand.

Classic Yacht

Wooden yachts or even those built in an era not current. These yachts have a keel fitted in the lower portion of the hull for better directional stability and also keep the boat upright. Gravity will not let the keel come out of water no matter much how much the boat heels.

We offer unforgettable experiences for every occasion.

Best known for its cultural diversity, colonial history, world-class shopping, varied cuisines, the F1 Grand Prix and the beaches of Sentosa Island, this tiny red dot has made its mark, not only with its infrastucture on land but also with its state-of-the-art marinas. If you're looking for the ideal and unique venue event - we highly recommend doing it on a motor or sailing luxury yacht charter in Singapore. Events on yachts are often far more impactful than just hiring another hotel meeting room. We have a full range of boats and activities for corporate entertainment, private parties or for unique, sailboat based, team building events.

The Malaysian waters are well protected and the sailing conditions are not very demanding. The main Malaysia yacht charter areas are Langkawi, Tioman and their surrounding islands. The Langkawi Archipelago is located in northwest Malaysia near the Thai border. The sailing area is north of the Strait of Malacca in the southern Andaman Sea and includes a group of 99 islands. Tioman is located in the Gulf of Thailand, about 30 nautical miles east of the mainland of the Malay Peninsula. The sailing area covers the entire archipelago between Tioman and Aur, and the islands off the coast of Mersing. The islands in the vicinity are all close together and ideal for island hopping. Pulau Rawa, Seri Buat, Tinggi, Sibu and Pemanggil are some of neighboring islands. Sebana Cove is another popular detination for sailing from Singapore. A two to five day voyage planning is required.

With astounding diversity, the islands of the Indonesian archipelago offer some of the world’s best diving, snorkelling, fishing spots. Extending over 5000 km from east to west, and over 1700 km north to south, the 17,000 plus islands make up the largest archipelago in the world. Its proximity to Singapore, makes the country even more attractive for a weekend getaway for 2-4 days to nearby islands like Mapur, Nikoi, Pulau Pankil, Bintan and Batam and even the most scenic Anambas Islands. Very few sailing experiences can compare with the culture, history and scenery that Indonesia has to offer, so why not be one of the few to properly explore the magical waters.

The best sailing destination in South East Asia. Thailand is located very close to the equator and outside the cyclone zone of the Pacific and Indian Ocean. That’s why it is possible to sail all the year around. The northeast monsoon (dry season) begins in November and ends in April. The wind speed during this time is between 5 and 20 knots (1 kn = 1.852 km/h) from northeast. The southwest monsoon (rainy season) begins in May and takes place until October. During this time there is much wind and better sailing conditions as in the dry season. From Singapore, if you are planning a voyage to Phuket and nearby islands, then a 12-15 days trip would be ideal. Charters from Phuket offers so much variety, culture and adventure that you'll be constantly amazed!

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Singapore’s new prime minister vows to ‘lead in our own way’ as Lee dynasty ends after half-century

A U.S.-trained economist, Wong, 51, succeeded Lee Hsien Loong, 72, who stepped down after two decades at the helm. Political analyst Eugene Tan says he will have to be “his own man” (May 15, 2024).

yacht financing singapore

Singapore’s deputy leader Lawrence Wong was sworn in as the nation’s fourth prime minister on Wednesday in a carefully planned political succession designed to ensure continuity and stability in the Asian financial hub. A U.S.-trained economist, Wong, 51, succeeds Lee Hsien Loong, 72, who stepped down after two decades at the helm.

yacht financing singapore

In this photo released by Singapore’s Ministry of Communications and Information, Singapore’s new Prime Minister Lawrence Wong makes a speech after being sworn in at the Istana in Singapore, Wednesday, May 15, 2024. Wong was sworn in Wednesday as the nation’s fourth prime minister in a carefully planned political succession designed to ensure continuity and stability in the Asian financial hub. (Ministry of Communications and Information via AP)

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In this photo released by Singapore’s Ministry of Communications and Information, Singapore’s incoming Prime Minister Lawrence Wong, second from left, is sworn in next to President Tharman Shanmugaratnam, center, and Chief Justice Sundaresh Menon, second from right, at the Istana in Singapore, Wednesday, May 15, 2024. Wong was sworn in Wednesday as the nation’s fourth prime minister in a carefully planned political succession designed to ensure continuity and stability in the Asian financial hub. (Ministry of Communications and Information via AP)

FILE - Singaporean Finance Minister Lawrence Wong, center, attends the plenary session during the ASEAN Finance Ministers and Central Bank Governors meeting in Nusa Dua, Bali, Indonesia on Friday, March 31, 2023. Singapore’s deputy leader Wong is set to be sworn in Wednesday, May 15, 2024, as the nation’s fourth prime minister in a carefully planned political succession designed to ensure continuity and stability in the Asian financial hub. (AP Photo/Firdia Lisnawati, File)

FILE - Singapore Minister of Finance Lawrence Wong attends the second day of the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua,Bali, Indonesia, on Saturday, July 16, 2022. Singapore’s deputy leader Wong is set to be sworn in Wednesday, May 15, 2024, as the nation’s fourth prime minister in a carefully planned political succession designed to ensure continuity and stability in the Asian financial hub. (Sonny Tumbelaka/Pool Photo via AP, File)

FILE - Britain’s Prince William, left, and Singapore’s Deputy Prime Minister and Minister of Finance Lawrence Wong visit the Central Catchment Nature Reserve of Singapore on Nov. 8, 2023. Singapore’s deputy leader Wong is set to be sworn in Wednesday, May 15, 2024, as the nation’s fourth prime minister in a carefully planned political succession designed to ensure continuity and stability in the Asian financial hub. (AP Photo/Vincent Thian, File)

FILE - Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong, left, shares a light moment with Indonesian Defense Minister and president-elect Prabowo Subianto during their meeting at Bogor Presidential Palace in Bogor, Indonesia, Monday, April 29, 2024. Singapore’s deputy leader Wong is set to be sworn in Wednesday, May 15, 2024, as the nation’s fourth prime minister in a carefully planned political succession designed to ensure continuity and stability in the Asian financial hub. (AP Photo/Achmad Ibrahim, File)

In this photo released by Singapore’s Ministry of Communications and Information, Singapore’s incoming Prime Minister Lawrence Wong, left, makes a speech after being sworn in as President Tharman Shanmugaratnam, center, and Chief Justice Sundaresh Menon, second from right, at the Istana in Singapore, Wednesday, May 15, 2024. Wong was sworn in Wednesday as the nation’s fourth prime minister in a carefully planned political succession designed to ensure continuity and stability in the Asian financial hub. (Ministry of Communications and Information via AP)

KUALA LUMPUR, Malaysia (AP) — Singapore’s new Prime Minister Lawrence Wong vowed to make “tomorrow better than today” as he took his oath of office Wednesday in a carefully planned political succession designed to ensure stability in the Asian financial hub.

A U.S.-trained economist, Wong, 51, succeeds Lee Hsien Loong, 72, who stepped down after two decades. He is the city-state’s fourth leader and the first born after Singapore’s independence in 1965.

Lee’s departure marked the end of a family dynasty led by his father Lee Kuan Yew, Singapore’s first leader, who built the colonial trading outpost into one of the world’s richest nations during 31 years in office.

Wong paid tribute to his predecessors for dedication to the nation, saying “we stand on the shoulders of giants.” But he said his leadership style will differ as he navigates Singapore through a more troubled world.

“This is a passing of the baton not just between leadership teams but also across generations,” Wong said. “We will lead in our own way. We will continue to think boldly and think far.”

The transition has been meticulously crafted by the People’s Action Party, one of the world’s longest-serving political parties and known for its clean and effective governance. It is not expected to change the dynamics in the tiny nation of some 6 million people.

FILE- Veteran Sherpa guide Kami Rita returning after scaling Mount Everest for the 28th time arrives at the airport in Kathmandu, Nepal, May 25, 2023. Kami Rita scaled Mount Everest for a record 30th time Wednesday, completing his second climb this month to the top of the world. (AP Photo/Niranjan Shrestha, File)

Wong, a civil servant turned politician, came to prominence while coordinating Singapore’s successful fight against COVID-19. But he wasn’t the first choice for the top job.

Heng Swee Keat, a former central bank chief and education minister, was the anointed successor but he withdrew his nomination in 2021. Wong was then picked by the People’s Action Party in 2022 to fill the vacuum and quickly promoted to deputy prime minister.

Wong warned that Singapore must brace for a “messier, riskier and more violent world” by staying united and blazing new trails. As global powers fight to shape a new world order, he said protectionism and rampant nationalism will deepen.

Amid China-U.S. rivalry, he said Singapore — which has stayed neutral — would continue to engage both nations.

Wong has retained the Cabinet and held onto his finance portfolio as he prepares for his first big test in general elections. Those are due by 2025. Before taking office, he promoted Trade Minister Gan Kim Yong as one of two deputy premiers. The other deputy is Heng.

Lee stayed on as a senior minister , a path taken by all former premiers.

While victory in the election is assured, Wong must clinch a stronger wing after the PAP suffered a setback in 2020 polls over voters’ rising discontent with the government.

Singapore under Lee’s rule flourished into one of the world’s wealthiest nations, but it also became one of the most expensive cities to live in. The PAP has also been criticized for tight government control and a government-knows-best stance, media censorship and the use of oppressive laws against dissidents.

Issues like widening income disparity, increasingly unaffordable housing, overcrowding caused by immigration and restrictions on free speech are often used as fodder by the opposition and have loosened the PAP’s grip on power.

“One-party dominance in Singapore is weakening but the challenge for the PAP leadership is to slow down the process,” said Eugene Tan, a law professor at Singapore Management University.

Bridget Welsh, a Southeast Asia political expert, said Lee “will be remembered for steering Singapore quietly and successfully through turbulent waters from the 2008-2009 financial crisis and COVID-19. He helped to build resilience in Singapore. ... (But) Singapore has become a more complex society, with more open demands, making the task of governing (for Wong) more challenging.”

Wong was born seven years after Singapore separated from Malaysia and gained independence. His father was a migrant from China and his mother was a teacher. Unlike many senior PAP leaders, he didn’t have a privileged background. Observers have said this could help him relate better with the common citizen.

Wong earned a scholarship to study in the U.S., later obtaining a masters’ degree in economics from the University of Michigan and another masters’ degree in public administration from Harvard University. He spent years in public service including as a principal private secretary to Lee before entering politics in 2011. He has handled the defense, education, communications, culture, community and youth portfolios.

Like Lee, Wong is active on social media. Married with no children, he doesn’t reveal much about his private life but has offered glimpses into his interests in music and dogs, and he is a fan of tennis star Roger Federer. He often posts videos of himself playing guitar.

Wong has launched a Forward Singapore plan to let Singaporeans have a say in how to develop a more balanced, vibrant and inclusive agenda for the next generation.

“This is my promise to all Singaporeans. I will serve you with all my heart. I will never settle for the status quo. I will always seek better ways to make tomorrow better than today,” Wong said.

Law professor Tan said Wong’s immediate priorities will be to address issues including the rising cost of living, housing affordability and job security. “Bread-and-butter issues remain vital even for a prosperous country, partly because of Singapore’s innate vulnerabilities,” he said.

Follow AP’s Asia-Pacific coverage at https://apnews.com/hub/asia-pacific

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‘x-men’ movie at marvel studios gains momentum as michael lesslie comes on as screenwriter, breaking news.

Kevin Costner On Betting His Own Money For ‘Horizon: An American Saga’; Has Knocked On Every Yacht In Cannes For Financing Chapter 3

By Anthony D'Alessandro

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Kevin Costner at the 'Horizon: An American Saga photocall at the 77th annual Cannes Film Festival on May 19, 2024 in Cannes

Horizon: An American Saga filmmaker Kevin Costner recently told Deadline that he’s on schedule to shell out $98 million for the first three movies in his Western series, and a fourth film will take him over the $100 million threshold.

On Monday, the day after Horizon premiered at the Cannes Film Festival, the two-time Oscar winner expounded on gambling on his own vision with his own property at a Cannes press conference.

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Kevin Costner Reveals The Epic Journey Of His Cannes Western ‘Horizon’ And Has His Say On ‘Yellowstone’ Rancor

Kevin Costner “knocked on every boat in Cannes” to finance the third chapter of his Western movies. He adds “I don’t need four homes” … “I’ll risk those homes to make my movies” #CannesFilmFestival pic.twitter.com/5Nuh1rjnaJ — Deadline Hollywood (@DEADLINE) May 20, 2024
#Cannes2024 Kevin Costner on his love for the name ‘Hayes’ since 1988, a name shared by his son and the main character of his new film ‘Horizon: An American Saga’ pic.twitter.com/dqxC3i8mhE — Deadline Hollywood (@DEADLINE) May 20, 2024

“I don’t know why it’s so hard to get people to believe in the movie I wanted to make. … I don’t think anybody’s else’s movie is better than mine. I made it for people.”

“It’s a pattern that happens with me — with Dances With Wolves, Bull Durham, Field of Dreams, Open Range — the things I want to make are harder to make,” he said.

RELATED: Cannes Film Festival Photos Day 6: Kevin Costner, Demi Moore, ‘Horizon: An American Saga’ & ‘The Substance’ Premieres

“My problem is that I don’t fall out of love with something that’s good,” said the filmmaker-actor about the projects he keeps in lengthy development.

“I’d like to come back here with my third movie,” said Costner about a future return to Cannes with Horizon Chapter 3.

Costner has already shot three days of part 3. “I’m trying to make the third one. I knocked on every boat in Cannes to help me. The guys say, ‘C’mon, we’ll get a picture.’ I said. ‘No, get your checkbook out.’ “

He quipped to the press room that everyone should stand “in front of one boat” and not “let the riche people off.”

He also joked about the whole notion of hitting the red carpet at Cannes, “I use to get no money to do this, then I got paid a lot of money to do this, now I need to pay my own money to do this.”

Kevin Costner arrives at the ‘Horizon: An American Saga’ press conference #CannesFilmFestival pic.twitter.com/u8qRVvtIy5 — Deadline Hollywood (@DEADLINE) May 20, 2024

Horizon: An American Saga – Chapter 1  is due to hit theaters June 28 via Warner Bros, with the second coming on its heels August 16. Costner  told Deadline recently that  Chapter 3  began production  this month.

The three-hour movie received an 11-minute, 40-second standing ovation last night at its Cannes world premiere.

Costner teased that Chapter 4 of Horizon will see a big presence by Native Americans in the story.

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DLA Piper advises lenders on multimillion-dollar financing of Terrenus Energy solar power projects in Singapore

yacht financing singapore

DLA Piper has advised DBS Bank and other lenders in a SGD297.5 million financing provided by five banks to finance a portfolio of solar photovoltaic power projects across Singapore. The portfolio will be developed, owned and operated by Terrenus Energy, a Singapore-based renewable energy solutions provider committed to driving global sustainability.

DBS Bank, Mizuho Bank, and the Singapore branches of Siemens Bank, Shanghai Pudong Development Bank and China Construction Bank are the mandated lead arrangers of a SGD285 million term loan facility, with DBS Bank providing a further SGD12.5 million banker’s guarantee facility. DBS Bank also provided financial advisory to Terrenus Energy and the financial closing took place at the end of April 2024. 

Terrenus Energy will use the loan proceeds to fund the development and construction of ground mounted and rooftop solar photovoltaic power projects in its portfolio, including the build-out of the solar photovoltaic projects it was awarded under Phase 6 of the SolarNova program, an initiative led by the Singapore government which focuses on accelerating the deployment of solar photovoltaic systems in Singapore.

When fully operational, the aggregate installed capacity of Terrenus Energy’s entire portfolio of solar photovoltaic projects is expected to exceed 300 MWp, making it one of the largest solar portfolios in Singapore. The majority of the solar panels will be installed on building rooftops (due to the scarcity of available land in Singapore), and the electricity generated by these solar panels is expected to help building owners achieve net-zero energy consumption in common areas. In addition, renewable energy certificates (RECs) generated from the portfolio will be sold to companies with net zero targets operating in Singapore, to help them offset their carbon emissions and achieve their sustainability goals.

Vincent Seah, Country Managing Partner of DLA Piper in Singapore and a member of the Finance practice, led the transaction. He commented “This transaction further demonstrates DLA Piper’s capabilities in the renewable energy sector. We have a strong track record in advising on the complex financing of large-scale renewable energy portfolios both in Singapore and in the wider Asia – Pacific region. Our ability to deploy an experienced team of renewable energy lawyers in this transaction played an important role in supporting the lenders on the due diligence and structuring of the financing of this high quality portfolio of solar power assets.”

Vincent was supported by senior associate Wei Hong Wong and associates Ruyang Jiang and Darren Foo. Vincent, Wei Hong, Ruyang, and Darren are all members of the Finance practice and based in Singapore.

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Kevin Costner Has ‘Knocked on Every Boat in Cannes’ to Help Finance Third ‘Horizon’ Movie: ‘Come Get Your Checkbook Out. Let’s Talk Money!’

CANNES, FRANCE - MAY 19: (EDITORS NOTE: Image has been converted to black and white.) Kevin Costner attends the "Horizon: An American Saga" Photocall at the 77th annual Cannes Film Festival at Palais des Festivals on May 19, 2024 in Cannes, France. (Photo by Neilson Barnard/Getty Images)

Kevin Costner got candid about partly self-financing his new movie, “ Horizon: An American Saga ,” at a Cannes Film Festival press conference on Monday.

Costner put much of his own fortune into making the $100 million-plus film, including mortgaging his ranch. He directs and stars in the film, which he also produced and co-wrote.

When asked about his struggle to finance the film, Costner said, “I don’t know why it was so hard.”

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“I’ve knocked on every boat in Cannes to help me,” Costner said. “‘Oh come, we’ll have a picture.’ No, come get your checkbook out. Let’s talk money!”

Costner was also asked his view on racism in America. “I’m conscious of race. I live in a place called Compton, Calif. I funded a movie called ‘Black or White,'” he said. “It was my version of a level of racism that exists in our country.”

Regarding the representation of Native people in “Horizon” and why he didn’t tell the story from their perspective, Costner said, “The movie is a journey. It’s not a plot movie, and the Native Americans are represented. I don’t feel the need to try to balance the story. I just try to make it as real as I can.” 

At its premiere on Sunday night, “Horizon” earned a seven-minute standing ovation as Costner grew visibly emotional.

The film, a two-part look at the expansion of the American west, is told from the prospective of the cattle ranchers, farmers and soldiers building a future for themselves in the region, as well as the Natives who lived there first.

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