Millions of tourist dollars aside, Singapore's luxury-craft industry players expect the year-end Volvo Ocean Race (VOR) to be a boost to the industry – like what the recent Formula One race was to Singapore’s economy.

They are also hoping changes to Singapore's maritime regulations will be on the cards, as the race organisers work together with Singapore's Maritime and Port Authority (MPA) in preparation for the Singapore leg of the over 37,000-nautical mile ocean race.

The VOR's eight VO70 race boats will stop over at Sentosa's One Degree 15 Marina Club from Dec 22 to Jan 18, 2008.

The MPA has already moved to address criticism about the lack of repair or haulout facilities by dedicating an existing commercial wharf in Pasir Panjang as a full-service centre reserved for the VO70s.

Besides this, several boat dealers, marinas and boat-charter companies told my paper that available luxury-charter boats are already being snapped up ahead of the VOR. It is understood that sponsors are among those who have hired these charters so that their corporate clients and business associates can watch the race in comfort.

Generally, lounging on a 150ft yacht for four hours can cost up to $15,000 – inclusive of amenities and food and beverages – according to Ms Caroline Ko, marketing manager of Lifestyles Adventures Asia, which specialises in pleasure-craft charters.

Said Ms Ko: "Demand for the luxury-yacht and charter industry is developing, fuelled by F1, the upcoming integrated resorts and now the VOR. Singapore has a real opportunity to expand the market."

Mr William Schick, a senior broker at Simpson Marine Singapore, agreed: "While Singapore's yacht industry has yet to catch up with other well-established boating industries, the VOR will definitely put Singapore on the yachting map and further enrich the growing marine infrastructure."

Singapore's luxury-yacht market is worth an estimated $35 million, said Mr James Purves of R Marine Singapore – the retail arm of Australia's largest luxury-boat builder Riviera – and it is fast expanding.

R Marine, regional yacht dealer Simpson Marine and Lifestyle Adventures Asia told my paper they saw a 25- to 300-per-cent increase in sales and charters over the past year alone.

Mr Oh Kean Sean, managing director of Pen Marine Sdn Bhd, said that young Singaporean high flyers favour American high-production luxury yacht models, while wealthier clients splurge on top-end European brands which can cost several million.

Meanwhile, industry players are also hoping that the VOR will catalyse change to Singapore's maritime regulations.

Said Ms Ko: "Industry players are in discussion with the MPA on how to ensure safety on the waters without strangling the industry with tight regulations.

"If changes are made with a good dash of common sense, they can help create another win for Singapore."

This article was first published in my paper on Oct 20, 2008.