Marina Development Projects: Why “Build It and They Will Come” No Longer Works. Ha Long Bay - Vietnam.
- Eliott Kingsley
- Feb 26
- 5 min read
On a recent business trip to Vietnam’s Ha Long Bay Harbour & Port, it was clear something was wrong. Spanning around 10 square kilometers, grand French-style boulevards, luxury hotels, and retail shops stood eerily empty.
After speaking with locals, the extent of the failure became even clearer. Only a handful of properties had been sold, while an estimated 75% of developments remained unsold, abandoned, and left to rot. Despite sitting in a prime marina location, the area had become a ghost town—a failed waterfront development driven by poor planning, speculation, and unrealistic expectations.
This scenario is playing out across Asia, where large-scale projects assume that if they build a marina, yacht owners, investors, and tourists will come. But the harsh reality is that “Build it, and they will come” doesn’t work—especially in the luxury yachting, real estate, and marina development sectors.
The Harsh Reality: Unfinished & Abandoned Projects Across Asia
Ha Long Bay Port is just one of many failed marina projects across Vietnam, Thailand, China, and Indonesia. Across the region, waterfront developments suffer from:
• Overbuilt, underutilized spaces – Thousands of vacant hotel rooms, empty storefronts, and deserted marinas.
• Financially unsustainable investments – Foreign investors pour money into projects that lack real-world demand.
• Disconnected infrastructure – Poorly planned marina resorts, waterfront retail, and luxury developments that don’t integrate into the local economy.
This isn’t just about failed business ventures; these projects leave behind environmental damage, financial losses, and a negative impact on local communities.
The Core Problem: Spreadsheet Projections vs. Real Market Demand
One of the biggest reasons these projects fail is that developers focus solely on large-scale numbers without truly understanding who their audience is and what makes the destination unique.
• There’s no point in having 100 retail units if only five stores open.
• Building 1,000 hotel rooms is useless if only 50 guests book per night.
• A marina with 200 berths is meaningless if there’s no reason for yacht owners and boaters to visit.
These developments rely on optimistic financial projections instead of a phased, demand-driven approach. The result? Luxury marina resorts, hotels, and mixed-use developments that sit empty—draining investment capital and harming the local economy.
Why the “Build It and They Will Come” Model Fails
1. No Market-Driven Strategy
Many marina projects assume that if they build a luxury waterfront community, yacht club, or high-end marina, investors and visitors will automatically come. But without:
• A targeted customer base (yacht owners, boaters, or high-net-worth individuals),
• A compelling reason to visit beyond docking space,
• And an integrated lifestyle offering,
the project is doomed before it even starts.
2. Speculative Investment Without Long-Term Planning
Many failed marina developments in Asia were driven by speculative investors looking for quick profits on real estate sales, rather than long-term revenue generation. When sales didn’t meet expectations, funding dried up, construction stalled, and entire projects were abandoned.
3. Lack of a Unique Selling Proposition (USP)
Successful marinas offer more than just berthing space. They provide an entire yachting lifestyle—from luxury yacht services and fine dining experiences to world-class marina facilities and waterfront entertainment.
4. Infrastructure Without Purpose
A marina can’t survive without supporting infrastructure. Yacht owners and visitors need:
• Reliable marina services (fuel docks, maintenance, provisioning).
• High-end restaurants, shopping, and entertainment.
• Luxury waterfront hotels, private residences, and leisure activities.
If these elements don’t exist, even the best-built superyacht marina will struggle to attract and retain visitors.
5. No Scalable, Phased Growth Plan
The most successful marina developments grow organically based on actual demand, rather than overbuilding from day one. A phased, scalable approach ensures:
• Initial investment matches market demand – Build only what is needed first.
• Future expansion is flexible – Allow room for growth if demand increases.
• Financial sustainability – A marina that evolves based on real-world market performance, not speculative projections.
The Solution: A Strategic, Visionary Approach to Marina Development
To avoid these failures, marina and waterfront development projects must be driven by:
• Market-Driven Feasibility Studies – Data-backed planning ensures a viable, demand-driven marina business model.
• Expert Marina Consultants – Experienced marina development professionals bring industry knowledge and strategic planning expertise.
• Sustainable Growth Strategies – Phased developments ensure long-term financial success.
• Unique Selling Propositions (USPs) – A marina must offer exclusive amenities, yacht services, and a luxury waterfront experience to attract high-net-worth clientele.
Successful Marina Developments That Got It Right
For every failed marina, there are successful waterfront projects that thrived because they focused on market demand, branding, and sustainable growth.
• Sentosa Cove, Singapore – A luxury marina resort that successfully integrates high-end real estate, yacht facilities, and hospitality.
• Porto Montenegro – A world-class superyacht marina designed with long-term growth and premium clientele in mind.
• Phuket Yacht Haven, Thailand – Developed in strategic phases, ensuring sustainable growth aligned with boating and tourism demand.
These projects didn’t just build and hope for the best—they focused on real demand, branding, and a sustainable marina business model.
Conclusion: Building for the Future, Not for Failure
The failures in Ha Long Bay and across Asia prove that “Build it, and they will come” is a myth.
Marina developers must shift away from short-term speculative investments and focus on:
• Real demand-driven planning
• Strategic, phased growth
• High-value marina amenities & luxury services
• Sustainable, market-focused development strategies
By understanding who their customers are and why they will visit, developers can create thriving, financially sustainable waterfront destinations—instead of empty ghost towns left to decay.
How Timeless Yachts Can assist with Marina Developments
At Timeless Yachts, we specialize in expert marina consultation, strategic planning, and innovative design to ensure your project is not just another overbuilt, underutilized development. Our team includes:
• Marine industry Consultants & Researchers who assess the feasibility of your location and project plans.
• Architects and engineers who design world-class marina infrastructure.
• Yachting industry experts including, Captains, Marina Managers, Hydrographic Surveyors and industry professionals who understand the needs of luxury yacht owners.
• Luxury retail consultants who curate high-end waterfront experiences, and exclusive introductions to our B2B network.
• Marina operations specialists who implement sustainable and profitable business models. Introducing our exclusive Smart Marina insight to ensure professional and profitable marina operations.
With our comprehensive expertise, we help developers plan, design, and execute successful marina projects that attract high-net-worth clientele, integrate seamlessly with local economies, and stand the test of time.
If you’re involved in a marina development project, let Timeless Yachts team guide you toward sustainable success—from concept to completion. Contact us today to discuss how we can turn your vision into a thriving, world-class destination.
