(Seychelles News Agency) - A yacht sank off the beach of Anse Lazio on Praslin island, the second largest of the Seychelles archipelago on Tuesday evening, with no casualties.

The luxury yacht, 48-foot Sunseeker Portofino, which costs about $1 million when brand new, was carrying five people, who were transferred from the boat unharmed.

The Seychelles Broadcasting Corporation radio reported that salvage operations are ongoing this afternoon.

The boat sank at around 10pm and the cause of the incident is under investigation by the owner, a local charter agent.

The vessel had been on its way from Anse Lazio bay, voted by TripAdvisor Traveller's Choice 2014 as 7th of the Top 25 Beaches of the World , to the five-star Raffles Resort, owned by Saudi billionnaire Prince Alwaleed bin Talal, the 30th richest man in the world according to Forbes magazine.

The yachting season in the Seychelles is from November to May. A leading yacht agent told the Seychelles News Agency that this year's season has seen increase in luxury yacht arrivals, with twice as many calls to the islands' marinas in comparison to 2013.

Seychelles has two luxury yacht marinas, Eden Island Marina and the Wharf Marina, both found off Mahé, the main island of the Indian Ocean archipelago, where boat owners enjoy a degree of anonymity and tranquility, as the remote location of the islands are valued as an exclusive yachting destination.