2017
A Toyota Corolla that would fetch less than US$20,000 new in the United States costs around US$80,000 (SG$110,000) in Singapore. A top-of-the-range Ferrari or Lamborghini, meanwhile, can cost up to US$1.4 million (SG$2 million) in Singapore — more than triple the pricetag for the same supercar stateside.
Tiring of supercars
Edward Tan, the executive director of Hong Seh Company — which distributed Ferrari in Singapore for 25 years and continues to be the official dealer for Italian marque Maserati here — says that many supercar enthusiasts are tiring of Singapore’s staggering automobile prices, and are shifting their focus to high-end boating.
Tan is referring to Singapore’s Certificate of Entitlement (COE) system, which requires car owners to bid on a limited number of certificates issued by the government, normally priced between $50,000 to $100,000, that license the ownership of an automobile for a 10-year period, following which the car must either be scrapped, exported, or another costly COE purchased.
Boats and yachts, however, are not subject to these limitations or levies in Singapore, and are priced comparably to Europe or the U.S.
A new number one player?
Ferretti Group is the world’s second-largest producer of motoryachts of more than 20 meters in length, and its stable of brands includes legendary Italian boatbuilder Riva. Chinese state-owned enterprise Weichai Group purchased 87% of Ferretti in 2012, with the remaining 13% in the hands of the Ferrari family. Since the Weichai deal took place, Ferretti has been investing heavily in growing its market in Asia, with the goal of becoming the number one player in this part of the world.
Currently, Hong Kong, Japan, China and Thailand are the group’s most successful territories in the region, though Singapore is expanding, with 15 vessels (out of more than 200 across Asia) having been sold here. “The advantage is, in Singapore you’ve got great conditions for boating year-round, compared to the Mediterranean where it’s really only maybe four good months out of 12,” says Tan.
Ferretti Group calls its high-speed luxury motoryacht division Pershing “the Lamborghini of the Sea,” and neatly, the two performance brands recently agreed to collaborate on a series of co-promotions. “There are strong parallels between Pershing and Lamborghini,” says Ferretti Group Asia-Pacific sales manager Fabio Discoli. “They’re both very innovative, high-performance, high-tech, with aggressive Italian styling.”
More bang for the buck
Lamborghini and Pershing also share a similar clientele, Discoli says. “Pershing owners can certainly afford to hire a captain, but for the most part they want to take the wheel, show off a bit and experience the thrill of going 45 knots. Apart from cigarettes [the stripped-back, super-quick speedboats made famous by TV’s Miami Vice], there’s nothing in the same size range as a Pershing that can do such high speeds. And certainly nothing that combines that speed with a Pershing’s level of luxury.”
Comfortably sleeping four in two suites, with the option of an additional crew or kids’ bunk cabin, the beautifully appointed new 54-foot (16.5 meter) Pershing 5X — with a top speed of 45 knots, capable of doing the Singapore to Phuket run in around 16 hours — is priced at SG$2.1 million (US$1.5 million), pretty much on par with the Singapore cost of a Lamborghini Aventador.
The boat providing rather more bang for the buck, it’s no surprise that so many Singapore supercar enthusiasts are swapping the blacktop for the deep blue sea.
Rather than buy onerously taxed, multi-million-dollar supercars, Singapore's wealthy are considering more cost-effective options, such as this high-performance motor yacht from Pershing.Ferretti Group
This week, for the fourth year running, the Economist Intelligence Unit named Singapore the world’s most expensive city for expatriates to live in. One of the major factors at play is the cost of owning and maintaining an automobile in Singapore, which — thanks to a variety of government levies and taxes — has the highest car prices in the world.
Tiring of supercars
Edward Tan, the executive director of Hong Seh Company — which distributed Ferrari in Singapore for 25 years and continues to be the official dealer for Italian marque Maserati here — says that many supercar enthusiasts are tiring of Singapore’s staggering automobile prices, and are shifting their focus to high-end boating.
The P5X's master cabin. Edward Tan of Hong Seh Marine says, in Singapore, “People with a million dollars or more in discretionary funds to spend are beginning to think, OK, instead of a Ferrari or Lamborghini, why don’t I buy a 50-foot boat that I can actually sleep in?"Ferretti Group
Tan is referring to Singapore’s Certificate of Entitlement (COE) system, which requires car owners to bid on a limited number of certificates issued by the government, normally priced between $50,000 to $100,000, that license the ownership of an automobile for a 10-year period, following which the car must either be scrapped, exported, or another costly COE purchased.
Boats and yachts, however, are not subject to these limitations or levies in Singapore, and are priced comparably to Europe or the U.S.
With a top speed of 45 knots, the new Pershing P5X is capable of making the Singapore to Phuket run in around 16 hours.Ferretti Group
A new number one player?
Ferretti Group is the world’s second-largest producer of motoryachts of more than 20 meters in length, and its stable of brands includes legendary Italian boatbuilder Riva. Chinese state-owned enterprise Weichai Group purchased 87% of Ferretti in 2012, with the remaining 13% in the hands of the Ferrari family. Since the Weichai deal took place, Ferretti has been investing heavily in growing its market in Asia, with the goal of becoming the number one player in this part of the world.
Currently, Hong Kong, Japan, China and Thailand are the group’s most successful territories in the region, though Singapore is expanding, with 15 vessels (out of more than 200 across Asia) having been sold here. “The advantage is, in Singapore you’ve got great conditions for boating year-round, compared to the Mediterranean where it’s really only maybe four good months out of 12,” says Tan.
Pershing's ultra-luxury, high-speed vessels are known as "the Lamborghinis of the sea."Ferretti Group
Ferretti Group calls its high-speed luxury motoryacht division Pershing “the Lamborghini of the Sea,” and neatly, the two performance brands recently agreed to collaborate on a series of co-promotions. “There are strong parallels between Pershing and Lamborghini,” says Ferretti Group Asia-Pacific sales manager Fabio Discoli. “They’re both very innovative, high-performance, high-tech, with aggressive Italian styling.”
More bang for the buck
Lamborghini and Pershing also share a similar clientele, Discoli says. “Pershing owners can certainly afford to hire a captain, but for the most part they want to take the wheel, show off a bit and experience the thrill of going 45 knots. Apart from cigarettes [the stripped-back, super-quick speedboats made famous by TV’s Miami Vice], there’s nothing in the same size range as a Pershing that can do such high speeds. And certainly nothing that combines that speed with a Pershing’s level of luxury.”
Pershing boats combine high-octane performance with the finest Italian finishes.Ferretti Group
Comfortably sleeping four in two suites, with the option of an additional crew or kids’ bunk cabin, the beautifully appointed new 54-foot (16.5 meter) Pershing 5X — with a top speed of 45 knots, capable of doing the Singapore to Phuket run in around 16 hours — is priced at SG$2.1 million (US$1.5 million), pretty much on par with the Singapore cost of a Lamborghini Aventador.
The boat providing rather more bang for the buck, it’s no surprise that so many Singapore supercar enthusiasts are swapping the blacktop for the deep blue sea.
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