Yahoo Finance 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:
Changi Sailing Club
Raffles Marina
SAF Yacht Club
ONE15 Marina Club
Republic of Singapore Yacht 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)
Item | Annual cost |
Getting a boat license (one-time cost) | $540 |
Cost of a secondhand boat (one-time cost) | $50,000 |
Berthing cost | $5,760 |
Maintenance and repairs | $6,000 |
Insurance | $1,200 |
Total | $63,500 |
Thinking of buying a boat in Singapore? Share your questions in the comments!
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