Grand Banks Yachts Limited announced that it would expand its production facility in Malaysia by more than 25% to handle bigger luxury boats, increase capacity and accelerate boat-building activities. The expansion, which will cost approximately MYR 30 million (SGD 9 million), is expected to be completed by August 2024. The SGX Mainboard-listed luxury yacht builder said the proposed new single-storey facility will be built on the existing land plot at its yard in Pasir Gudang in Johor state and will add 143,300 sqft (13,313 sqm) of usable floor space to the 550,000 sqft (51,097 sqm) currently, bringing the total to nearly 700,000 sqft (65,000 sqm).

To be equipped with new machinery and technology, the new facility will further cement the yard's lead as one of the most avced luxury boat-building facilities in Asia. Grand Banks has received the requisite approvals from Malaysian authorities and construction is expected to commence in August 2023. The Group will fund the expansion with a mix of internal resources and bank loans.

The expansion is a major part of Grand Banks's strategy to ramp up boat construction and improve delivery times. Since the onset of the pandemic, demand for its three world-renowned luxury yacht brands - Grand Banks, Palm Beach, and Eastbay has risen. The Group has been introducing new designs and had stepped up marketing efforts, especially in North America with recent participation in the Palm Beach International Boat Show.

These efforts have helped to lift the net order book to SGD 178.0 million as of 31 March 2023.