Another development, , is scheduled to open during the second phase of the island's opening, with 30 villas for sale, according to a company representative.

Westin Hotels & Resorts currently operates 12 hotels in Southeast Asia, including one in Singapore and the Philippines.

Nirup Island is owned by PT. Tritunas Sinar Benua, an Indonesian real estate developer, and is managed by the marina operator SUTL Enterprise.

Arthur Tay, SUTL Enterprise's CEO and executive director, said the opening of the marina will ease demand for yachting berths in Singapore.

"Our aspiration was to curate an extraordinary, one-of-a-kind luxury destination for boaters and travelers," he told CNBC Travel. "The island also hopes to entice our ever-growing business traveler demographic … as a destination for corporate retreats and MICE events."

ONE°15 Marina Nirup Island is part of Indonesia's Riau Islands, a province in the South China Sea where several private island hotels have been developed over the past two decades.

One of them is , an island resort opened in 2017. Bawah Reserve sits nearly 185 miles northeast of Singapore and is accessible by ferry, followed by seaplane. The resort includes six islands and 36 bungalows and suites, according to its website.

opened in 2007, and is around 53 miles from Singapore. In 2017, the owners opened a second private island, , that welcomes guests aged 16 or older.

The Telunas brand operates two hotels in the Riau Islands, including . Opened in 2004, the resort has overwater villas that come with balconies and children's lofts.

Of these resorts, Nirup Island is the closest to Singapore.

"My vision has always been to create a beautiful necklace of pearls, adorning the coastlines of this region, with each pearl representing a unique ONE°15 Marina," said Tay.

Correction: This story has been updated to accurately reflect the number of villas at due to inaccurate information provided by a company representative.