By Christopher Tan, Senior Correspondent
HOTELIER Ong Beng Seng's motor company Komoco has clinched the Ferrari franchise, ending months of speculation about who will represent the Prancing Horse in Singapore.
Komoco, which currently sells Hyundai and Chrysler cars, will take over from Hong Seh Motors.
The latter, owned by businessman Alfred Tan and son Edward, has held the Ferrari franchise for 25 years.
The Straits Times understands that Ferrari, of Italy, informed Komoco as well as the other contender Premium Automobiles - which sells Audis - of its decision yesterday afternoon.
Premium Automobiles' chief operating officer Marc Singleton said: "We're very disappointed, of course. But it was worth the attempt."
Neither Komoco nor Ferrari was available for comment.
Up to eight parties were said to have been pursuing the franchise, including Mr Andy Goh, brother of Lamborghini dealer Melvin Goh; Porsche dealer Karsono Kwee; and Mr Arthur Tay, who runs leisure group SUTL.
Mr Tay, however, clarified that he was not keen on acquiring the coveted Italian brand, but might want to have "a small stake" in whoever clinches it.
Some quarters reckon Mr Ong's Formula One ties helped seal the deal for Komoco, as Ferrari is strongly associated with the motorsport which the hotelier helped bring to Singapore last year.
Ferrari owners here welcomed the end of the uncertainty revolving around the dealership matter since The Straits Times broke the news in February that Ferrari was looking for a new local agent.
Dr Ben Neo, president of Ferrari Club's Singapore chapter, said: "It's sad for Hong Seh, but we hope Ferrari's decision will be constructive, and we look forward to the new dealer's support."
The club has around 50 members, out of close to 300 Ferrari owners here.
Ferrari prices range from $700,000 to $1 million, and about 20 to 40 cars are sold here a year.
Worldwide, Ferrari sold about 7,000 cars last year.
READ MORE - Ong Beng Seng gets the prancing horse with Ferrari dealThe new player is expected to have thinner profit margins than Hong Seh, as Ferrari open-market values - roughly the cost price of the car - have started creeping upwards in recent months.
Komoco has been shopping for premises to house the Maranello marque for several weeks now, notably along the Leng Kee Road motor belt.
Sources said it may also have a showroom in Orchard Road, at the Hilton, part of Mr Ong's Hotel Properties stable.
Komoco is expected to operate the Ferrari business under a new name, and should start up in two to three months' time, possibly kicking off with the launch of the California convertible.
The California will be followed by the popular Ferrari F430's replacement, which is expected to be unveiled at the Frankfurt Motor Show in September.
christan@sph.com.sg
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