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On Deck: When only a fraction is enough

Legacy Phuket Gazette

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PHUKET: What happened to fractional boat ownership? In the not-too-distant past, shared ownership of boats seemed to be the ‘thing’. A great way to introduce non-boaters into boating, and then retaining leisure boaters, with a cost-effective form of ownership. A panacea.

In Phuket the concept caught on, but was short-lived.

Early pioneers included Simon James, Royal Phuket Marina and Twinpalms, with the island’s fractional real estate pioneers, Absolute World Group, and Go Boating following suit. However, the concept never really took off the way people expected it to.

Fractional real estate was introduced into the US in the early 1990s and remains a popular form of ownership of second and holiday homes to this day. On the back of this success, the US was quick to expand the fractional concept to many other products, including boats, and today fractional boat ownership is a worldwide concept.

One of the ‘big’ fractional boat offerings announced a few years back was by the London-based YachtPlus superyacht company, who at the time commissioned 10 new 135-foot Lord Norman Foster-designed superyachts. One of those originally commissioned superyachts, Ocean Emerald, today lies in Thailand.

The concept of fractional boat ownership is a sound one. Purchase, operation and maintenance costs are shared between the owners, thus significantly reducing the price of boat ownership for each individual.

For many day-trip boat owners – those who like to use their boat infrequently – a shared ownership option makes a lot of sense. And for those who wish to trade up to a craft beyond their financial reach, a fraction share in said boat at a fraction of the cost is viable and attractive.

Alternative and more creative ownership models are likely to see a comeback and pick up more traction in Thailand.

Fractional boat ownership is an ideal way to introduce first-time boaters – Thai, expatriate, second-home owners – into boating. Barriers to entry such as price, ongoing costs and knowledge, are reduced considerably and with Dry Stacks available in the key sailing destinations of Phuket and Pattaya, the boating proposition becomes more convenient and hassle-free.

Beyond the lifestyle, there is the economic proposition: the time when the boat is not being used by its owners, it is offered for charter with the revenues shared and put toward offsetting the ongoing costs.

With professional and cost-effective fractional ownership offerings on mid-sized boats of 10 to 15 meters in Phuket, the potential growth in this segment is high.

Duncan Worthington is a long time Phuket resident and through Infinity Communications (www.infinity-comms.com) consults for leading consumer brands, hospitality and marine clients in Thailand. In his ‘spare time’ he runs the marine portal www.MarineScene.asia. #OnDeckPhuket

— Duncan Worthington

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Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Pattaya

Pattaya bike rider injured after plunging into large construction hole in road

Maya Taylor

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Pattaya bike rider injured after plunging into large construction hole in road | The Thaiger
PHOTO: The Pattaya News

A motorbike driver has been injured after his bike plunged into a 2-metre deep construction pit in the Naklua area of Pattaya. The Pattaya News reports that the accident occurred around 4am on Thursday morning, with rescue workers arriving to find the bike at the bottom of the pit.

Pattaya bike rider injured after plunging into large construction hole in road | News by The Thaiger

The driver, 39 year old Wassapon Thataworn, had managed to climb out of the hole, despite his injuries, and was transported to a local hospital for treatment. His friend, who has not been named, says he was following Wassapon on another bike, when the accident happened. He claims the hole was not well-lit.

However, the police disagree with his assessment, saying there were barriers around the pit, as well as several neon white lights. It is not known if anyone will face legal charges over the accident.

SOURCE: The Pattaya News

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Events

Pattaya firework party lights up the weekend | VIDEO

The Thaiger

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Pattaya firework party lights up the weekend | VIDEO | The Thaiger

After much anticipation, the Pattaya Fireworks Festival lit up the sky this past weekend, delighting spectators with beautiful night beachside spectacle. More importantly, it was the first time Pattaya was packed with tourists since March this year, albeit mostly Thai tourists.

The event program was packed with long fireworks shows with hotels offering promotions for advanced bookings in an attempt to provide a much-needed boost to the local economy over the weekend.

To watch some of last night’s events from Mike Bridge, click HEREand HERE.

The annual festival saw Thais and foreigners taking part in the festivities as local bars, pubs, restaurants, and food vendors enjoying a bit more padding in their pockets. Organisers didn’t disappoint as they carried out their assurances to provide a world-class show with 4 fireworks shows per night. Such titles as “Shining in Sky,” “Paradise Pattaya, Everyday for Everyone,” “Pattaya Twilight, Decorated Stars,” and “Light is Life,” summed up the shows’ themes.

During one of the shows’ breaks, a 45 minute concert by popular Thai artist “Mean” graced the ears of onlookers, while an elephant show, by the Pattaya Elephant Camp, proved to be a sight for sore eyes. Marching bands featuring local Thai students started from the North Pattaya area and parading down Beach Road to the main stage area, located near Central Festival Mall filled the air with music, along with tiger shows and an art show by Nong Nooch Botanical Garden rounding up the schedule.

The popular Thai rock band “Big Ass” wrapped up the last fireworks show at 9:30 pm, with another popular Thai band “Boom Boom Cash” rocking out the night.

SOURCE: Bangkok Post

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Pattaya

City officials plan to demolish abandoned Pattaya condo project

Maya Taylor

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City officials plan to demolish abandoned Pattaya condo project | The Thaiger
PHOTO: Sophon Cable TV / The Pattaya News

After years of talks, threats, and complaints, the abandoned Waterfront condo development at Pattaya’s Bali Hai pier looks set to be demolished. The Waterfront Suites and Residence is a half-finished condo project that was stalled in 2014 after safety inspectors discovered that the building’s fire escapes and elevator systems designs varied from the already approved construction designs. Read an earlier story about the eyesore HERE.

Pattaya’s mayor, Sonthaya Khunplume, says officials plan to tear down what many have condemned as an eyesore, “as soon as possible” – and charge the owners for it. According to a Pattaya News report, the date of the demolition, along with the name of the company being hired to carry out the work, have not yet been confirmed.

The controversy surrounding the development dates back to 2014, when construction was halted following multiple legal threats and complaints from local residents. The Israeli-owned development company, Bali Hai, are accused of violating building regulations, by building a structure that exceeds the legal height limit, as well as restrictions on proximity to the beach. Local residents have also complained that the development obstructs the panoramic vista of the bay from Pattaya Hill, and the view of the memorial to the renowned Admiral Abhakara Kiartivongse, Prince of Chumphon.

For their part, the developers insist they have complied with all regulations and had the necessary paperwork and permits for the project. It seems however, that Pattaya officials have had enough, and, ignoring the developer’s claims of bankruptcy, they say the whole Waterfront saga must end. They say the demolition will not affect lawsuits being brought by those who paid for condo units that never materialised, insisting that court hearings can still go ahead, regardless of the condition of the building.

SOURCE: The Pattaya News

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