Cheoy Lee 38 Sailboats for Sale & Market Overview

The Cheoy Lee 38, primarily recognized as the Ray Richards-designed cruiser introduced in the mid-1970s, represents a sophisticated evolution in the shipyard’s storied transition from traditional wooden hulls to high-quality fiberglass construction. While Cheoy Lee had previously found massive success with the Bill Luders-designed "Offshore" series, the Richards 38 was part of a newer generation that aimed to bridge the gap between heavy-displacement traditionalism and the emerging demand for better windward performance. Produced primarily at the Penny’s Bay facility in Hong Kong, the 38 was offered in both sloop and ketch configurations, catering to the blue-water aspirations of the North American and European markets. It remains a hallmark of the "Golden Era" of boatbuilding, where robust scantlings were paired with an almost legendary amount of interior teak joinery.