SUTL Enterprise plans to acquire Jiba Bay Coastal Club for 40 million yuan | Lianhe Zaobao

SUTL Enterprise, which owns the ONE°15 Integrated Yacht Club, plans to acquire the Marina at Keppel Bay from Keppel for SGD 40 million. SUTL announced this news in a statement after the market closed on Tuesday (December 30). SUTL has signed a purchase agreement with Keppel Bay Pte Ltd, a wholly-owned subsidiary of Keppel Corporation, and the transaction is expected to be completed in the second half of 2026. SUTL plans to finance the acquisition through internal group funds. The transaction price was determined based on voluntary negotiations between both parties and referenced the club's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). The club's adjusted EBITDA for the fiscal year 2024 is approximately SGD 3.873 million, with a net tangible asset value and book value of about SGD 8.1 million as of June 30, 2025. The Marina at Keppel Bay is located in the Greater Southern Waterfront and has been in operation since 2008. The total building area of the club is approximately 2,973 square meters, of which about 1,290 square meters is retail space currently leased to dining and educational institutions. Upon completion of the acquisition, SUTL will add 166 yacht berths, capable of accommodating superyachts up to 280 feet in length. Together with the ONE°15 Marina Sentosa Cove located in Sentosa, the group's total number of berths in Singapore will increase to 436, making it the largest integrated yacht marina owner and operator in the local market. Further Reading Keppel Club's original site sees lukewarm response for first private residential land; analysis: high funding demand suppresses bidding enthusiasm First pre-purchase HDB flats in Greater Southern Waterfront to launch in October, with 870 units in a 46-story building SUTL stated that it plans to rename the club to ONE°15 Marina Keppel Bay and carry out upgrades after the transaction is completed. The upgrade plan includes phased improvements to clubhouse facilities, berth infrastructure and services, the introduction of new retail spaces, and the integration of lifestyle and wellness concepts, expanding revenue sources from yacht berthing, memberships, hotels, and dining. The group pointed out that this acquisition will bring significant operational and commercial synergies, strengthen the core yacht marina business, and further enhance the ONE°15 brand network, which already covers yacht destinations in Indonesia, Thailand, and Malaysia. SUTL President Zheng Dengyuan said, "We have been actively seeking growth opportunities in the Asia-Pacific region. After the proposed acquisition is completed, we will expand the footprint of ONE°15 and solidify the group's position as one of the largest yacht marina operators in Asia." In terms of sustainability, SUTL plans to extend the marine conservation and community projects currently implemented at Sentosa Marina to Keppel Bay, including Blue Water EduFest, community co-construction programs, and the expansion of coral gardens. SUTL Enterprise's stock price closed up 1.77%, at SGD 0.865