Malaysia is known for its incredible ocean life and pristine beauty, but a recent surge in demand for sea-going luxury vessels has led to an unprecedented surge in prices.
According to the latest figures from the Malaysia Marine Engineering Association (MMEA), the prices of luxury boats have risen nearly 500% from a year ago.MMEA head, J.N. Singh, said that the increase in demand is due to the country’s increasing population and the increase of the economy.
“The number of people has increased by about 20% in the last 10 years.
In a country where there are so many jobs, the demand for people has gone up and so has the price,” Singh told Business Insider.
Singh said that, while the industry has seen a few changes in the past few years, its growth is now in line with other countries.
“We have seen some changes in our industry.
We had a very slow expansion of our business and there were a few years where we had a bit of a slowdown,” Singh said.MMDA has an annual budget of US$1.4 billion.
The industry is known to have a strong presence in Singapore, Malaysia and Brunei.
The Malaysian Government has a $25 million grant program for luxury boats and private ownership is a requirement for a license to operate a boat.
Singham said that he has seen an increase in the number of boats being purchased in Malaysia over the last year, with the demand being more than ever before.
“It has definitely gone up.
There are a lot of people in the market now and we are seeing an increase.
We are seeing people wanting to buy more, but we don’t know how many,” Singh added.
The MMEA estimates that there are 1,400 luxury boats on the market in Malaysia.
The MMEA is responsible for the licensing of vessels and the purchase of the vessel.
MMEA also works with companies like the Boatmakers Association of Malaysia, the Malaysian Maritime Industry Association, and the Malaysian Shipping Industry Association.
Singhen said that demand has definitely increased in the country since the start of the economic crisis, when the economy began to fall.
“Demand for vessels has increased.
We don’t see it as an issue, but it has definitely changed since then,” Singh noted.
Singhu said that MMEA has also been able to maintain its business.
“There are so much demand from the private sector and the government.
We have been able, at least, to maintain our business in terms of what we have been doing,” Singh explained.
Singhan noted that the number and price of luxury vessels is rising.
“We have been seeing a lot more boats being bought and the demand is there,” Singh remarked.
“You need a lot for the economy to grow.
We see a lot in the private market.
We need more,” Singh continued.”
People are still buying from us.
It is a very small market,” Singh pointed out.
Singhang said that it is important to understand that the price of the luxury boat is based on the type of vessel.
“If the type is a small yacht, it might cost more than a luxury yacht, but if it is a larger vessel, the price will go down,” Singh elaborated.
Singhua Wong, the CEO of Oceanic Marine Systems, a company that specializes in sea-worthy luxury vessels, said he is seeing a boom in demand.
“The market is now at the level where it is just going to keep going up,” Wong said.
“Demand for luxury ships is going up and it will keep going higher.”