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Old 22-04-2014, 19:31   #1
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Buying a Boat in Singapore

Hello all, I am newbie to this forum and the sailing scene. I am looking forward to the day, that i can purchase a boat and live onboard. Unfortunately, i am not too familiar to the methods available to finance a boat in Singapore.

Can anyone help?
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Old 22-04-2014, 21:59   #2
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Re: Buying a boat in Singapore

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Originally Posted by Windstorm View Post
Hello all, I am newbie to this forum and the sailing scene. I am looking forward to the day, that i can purchase a boat and live onboard. Unfortunately, i am not too familiar to the methods available to finance a boat in Singapore.

Can anyone help?
local finance companies do not have enough experience for private (as in non-commercial) boat finance yet ...

they are learning slowly ... their standard financing agreements pertain to commercial vessels and the 300 page document has little, if any, relevance to an individual like you or me ... like rivet a brass plaque to the steel bulkhead announcing that they own the boat !!!

Sing Finance & Hong Leong Finance are two that will actually finance the purchase, but you will need to go through the document carefully to remove unreasonable demands by them ...

as a mute point, some marinas like 1-15 have no wet berths available and MKB is only on short term contracts (no longer than 12 months) ... so unless you have already identified a marina with an available berth, that should be on your priority list ...

hope this helps ...
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Old 22-04-2014, 22:12   #3
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Re: Buying a boat in Singapore

I've also heard that even Raffles Marina is almost full.

RSYC will have space, but its far too choppy to liveaboard on a monohull. Not sure how bumpy it'd be with a Cat though...

There are a couple of people who live aboard at CSC, but that's on a mooring, which may be too much hassle for you.

All the best.
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Old 23-04-2014, 00:06   #4
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Thanks fellow sailors will check it out with Sing and Hong Leong.

Actually I preferred CSC as it is just 5 mins drive from my current work place. Unfortunately, I heard their land lease is expiring in 2016.

I wondering will marina country club have any slots.
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Old 23-04-2014, 01:37   #5
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Re: Buying a boat in Singapore

Hey, that is true. The land lease is always an issue. They are offering a term membership for $1000 in light of the uncertainty. I am a member at changi, it's a great club.

Likely there is space down at punggol marina country club, it's a bit run down, but that's by Singapore standards :-)
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Old 23-04-2014, 02:51   #6
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Just curious any one took the RYA Sailing courses or Is just a PPCDL enough? I only have a PPCDL and I think it is expiry as I have got it 5-6 years ago.

I am looking at the Keppal club's component crew 5 day course. Just wonder is it worth the money.
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Old 23-04-2014, 16:28   #7
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Re: Buying a boat in Singapore

Hang-on! Lets get the info to the OP correct. Some of those statements are bogus.

MKB (Marina Keppel Bay) is NOT a short term based marina. I have kept my boats there for 3 years now - ongoing. Others have been there since its existence, some 6 yrs.

Today, there are spaces available but its tight and getting tighter. Royal Singapore Yacht Club has berths, Punggol has berths/moorings. They are less glossy than 1-15 and MKB but they are available. Raffles is full but has a lot of transient boats - its a matter of timing and if you go via an agent (Simpson) your chances improve. You can also berth in Johor at a few marinas which are much less expensive but of course further away.

Finance companies do, today, have plenty of experience with providing loans to private boat owners. A majority of Singaporean boats are financed. Finance, via both Sinapura Finance and Hong Leong is available (there are others now) if you meet their conditions i.e. boat registered, tax paid, in Singapore, you are on a EP or higher, etc. Ive financed my first boat with SF and agree that you must to read the T&Cs - which are negotiable.

PPCDL is a minimum requirement for all Singaporean boat owners regardless of whether its power or sail. Its not an easy exam to pass!

At the moment, MKB is the only institution in Singapore offering an array of approved RYA courses from Competent Crew to Coastal Skipper including YM exams. They have two highly recommended instructors. I think its on the expensive side but ... this is Singapore, whats not!

Windstorm, if you want some additional advise for navigating Singapore boat world, contact me.

Steve
S/Y Emerald Sea
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Old 23-04-2014, 21:20   #8
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Re: Buying a boat in Singapore

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Originally Posted by Windstorm View Post
Just curious any one took the RYA Sailing courses or Is just a PPCDL enough? I only have a PPCDL and I think it is expiry as I have got it 5-6 years ago.

I am looking at the Keppal club's component crew 5 day course. Just wonder is it worth the money.
for SZ registered boats, PPCDL is adequate ...

beyond that, it's up to you and your level of passion to learn more ...
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Old 23-04-2014, 21:25   #9
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Re: Buying a boat in Singapore

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Hang-on! Lets get the info to the OP correct. Some of those statements are bogus.

MKB (Marina Keppel Bay) is NOT a short term based marina. I have kept my boats there for 3 years now - ongoing. Others have been there since its existence, some 6 yrs.
Correct. THIS is bogus. MKB does NOT sign contracts for longer than 12 months at a time. White Rabbit has been there forever, but does not change the fact that while they may renew a contract, they do NOT guarantee it.

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Ive financed my first boat with SF and agree that you must to read the T&Cs - which are negotiable.
absolutely. they are learning ... albeit slowly ... but not enough change over the last 15 years that I've dealt with SF & HLF ...
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Old 24-04-2014, 00:55   #10
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Any thing that I must look out for ? I read in another forum that in Singapore, the financing period only allow a maximum of 7 years. But I overheard a member from RYC can get up to 15 years. I am totally confuse by all the contradicting information.
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Old 24-04-2014, 03:01   #11
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Re: Buying a boat in Singapore

Windstorm
It can be confusing, Yes. Best is to contact SF and HLF and get their proposals for the value of loan you seek. The period of loan has a lot to do with the value you want to borrow, the period, the boats value - typical. My understanding is also that they dont finance boats more than 5yrs old (SF anyway).
I financed my first boat via SF and had many qualifications to thier contract; most notable was they wanted the to be able to change the interest rate at any time. We subsequently agreed a fixed rate for the complete period. There are many other very unfavorable terms - but they can be negotiated. If you are completely phased you may want to consult a contracts specialist.

Good luck
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Old 28-04-2014, 00:33   #12
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Talk to 2 banks. Things don look so good , they need to boat to be SG registered and can only take a max of 7 yrs loan provide the boat is less than 10 years old at the end of the loan. Unfortunately the boat that I saw that was on sale is register in Thailand and more than 10 years old

In the meantime while I work out my numbers. I want to know other that berth charges. What are the other maintenance cost that I must consider. Things insurances and utilities bill.
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Old 28-04-2014, 01:35   #13
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Re: Buying a Boat in Singapore

Consider importing your boat and have it Spore registered - one less than 10yrs old that is. Berth charges vary in Spore so best call them directly ie $/ft, annual fees, sign up fees. Note they are scarce too so best secure your berth before you commit to your boat. Maintenance fees too will vary on the condition, age, survey results, DIY, handy friends, etc. As a very very rough guide, as you are looking at a boat of circa 10yrs old, budget on 15% per yr.
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Old 02-05-2014, 00:22   #14
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Sure. Just a discussion with all the experienced seafarers here. In your opinion, which is the best yacht club around the region? I visited Punggol, sentosa , CSC and keppel. So far, I am pretty impress by sentosa. Wonder can yacht owner use the club facilities?

For rustic feel, I will admit I prefer marina country club and CSC.
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Old 26-05-2014, 21:31   #15
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Re: Buying a Boat in Singapore

I m also considering to buy a boat in Singapore. Now thinking should I go for power or sail? Another thing is should I register in sg? Cause there is 7% gst. Seems a lot even if I m rich as the gst can be up to 10 over thousand.
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