Singapore’s competition watchdog seeks feedback on marina operator SUTL’s commitments in Keppel Bay deal
A price cap on berthing fees and discount for charter operators are among remedies offered to address concerns
[SINGAPORE] The Competition and Consumer Commission of Singapore (CCS) is seeking public feedback on commitments offered by marina operator SUTL Enterprise to address competition concerns over its proposed S$40 million purchase of Marina at Keppel Bay.
The competition watchdog said on Thursday (Nov 12) that it will use the feedback to assess whether the commitments sufficiently address the concerns.
The consultation will run until 5 pm on Nov 26.
CCS said that earlier feedback during its review suggested the deal could raise competition concerns, as the two parties operate neighbouring marinas and may be each other’s closest competitors. Charter operators could face the greatest impact, it added.
SUTL Enterprise, through its wholly owned subsidiary One15 Marina KB, is looking to buy the property and assets at Marina at Keppel Bay from Keppel Bay Pte Ltd.
SUTL already owns and operates ONE°15 Marina Sentosa Cove.
Under the commitments made by SUTL and its subsidiaries, annual increases in wet berthing rates, including associated surcharges, will be capped at the consumer price index plus three percentage points.
SUTL will also be barred from introducing new fees that could get around the cap, subject to exceptions such as regulatory requirements, charges mandated by the landlord, third-party pass-through costs such as utilities and fuel, and genuinely optional new services.
Charter operators will receive an additional 1 per cent credit on wet berthing charges.
SUTL has also committed not to terminate or refuse to renew their berthing contracts without specified reasons, and to continue allocating berths to customers on its waiting list on a first-come, first-served basis.
Both marinas will maintain minimum standards for berthing assistance, security, utilities, fuel supply and other services. They will each provide a designated berth for passengers to embark and disembark from commercial pleasure craft, daily from 8 am to 10 pm, subject to conditions and availability.
The commitments will apply for five years from the date of a favourable decision by CCS on the deal. Those relating to charter operators’ berthing rates, berth allocation and contracts, and temporary berthing access will run for seven years.
SUTL has also proposed appointing an independent monitoring trustee, subject to CCS’ approval, to track compliance. The trustee would submit reports to CCS every six months.
The commitments, dated Nov 6, are a revised set. CCS did not accept an earlier proposal that SUTL submitted in May, saying it did not appropriately address the concerns.
SUTL may raise rates above the CPI cap in the event of force majeure or regulatory changes that materially raise operating costs, but only with CCS’ written approval.
SUTL announced the deal on Dec 30, 2025, through a put-and-call option agreement with Keppel Bay, with completion originally expected in the second half of 2026.
After the Phase 2 review began, the parties extended the long-stop date to Jan 4, 2027. CCS’ clearance is now a condition for exercising the options, rather than a condition precedent to completion.
