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  Business Times Singapore 30 Dec 06
Waterfront living needs a splash - from regattas
By Vincent Wee

AS THE yachts taking part in the renowned Sydney-Hobart Yacht Race stream into Hobart this week, perhaps it is time to ask if Singapore itself needs an iconic yacht race.

Every leading marine leisure destination from Phuket to Australia's Gold Coast has one, but we don't.

If we are serious about promoting waterfront living, isn't it time we set about putting up some activities to showcase it?

It is ironic that most advertisements for waterfront homes show motor boats and sailing yachts in the horizon or busily coming in and going out of marina berths.

The reality is far from the image. On an average weekend, unless there is one of the infrequent regattas taking place, one would be hard put to find half a dozen boats out on the water, let alone a flotilla.

The reason for this is that boat owners - the few of them that there are in the first place - want something to do with their boats. For many busy, ultra-competitive Singapore sailors, taking part in races is a big motivation for them to take their boats out.

The dearth of regattas means many do not buy boats, for lack of a reason to own them.

The age-old excuse for the small number of regattas run every year is a lack of sponsors. Corporates in their turn complain that they get very few eyeballs for their sponsorship dollar because so few boats take part. And so the vicious circle turns.

This need not be the case for ever. Savvy real estate developers have made use of the niche audience at regattas to sell their very exclusive waterfront properties.

For example, in Thailand publicly listed property company Raimon Land sponsors not only Phuket's well-known King's Cup Regatta but also many other regattas around the kingdom - all at locations where it seeks to sell prime waterfront property, of course.

And in Terengganu, the Monsoon Cup - part of the Swedish Match World Match Racing Tour with a RM1 million (S$434,550) prize purse - is being used to promote new property development there. Action movie superstar Jackie Chan has reportedly expressed interest in purchasing a house there.

The synergies are obvious. People who play around in boats already have an interest in the sea; it's just a step further to convince them to buy a home by the water. The best part is that someone who considers a quarter-million-dollar boat (the average cost of a racing sail boat) a weekend plaything, will be well able to afford the prices of waterfront property. It's a perfect match if smart property marketers are able to position it well.

The question now is whether there is an existing local regatta that would be able to fit the bill.

Unfortunately, all the present regattas go nowhere near any of the prime waterfront homes being developed on Singapore's southern coast.

One possible option might be the republic's best-known race, the Singapore Straits Regatta. The various yacht clubs take turns to organise this annual event, and the next race - from Jan 16 to 20 - will be hosted by the Republic of Singapore Yacht Club.

The problem with this is the race area and resultant emphasis change from year to year. The obvious solution would be for one of the developers tied to the marinas in the waterfront developments to step up to the plate with an iconic waterside event.

It remains to be seen if they will do so and put some money into making their advertisements more like reality.
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