Guess where majority of SingLand's hidden value is kept

They're worth around S$305-365,000 per room.

According to DBS, Singland owns 53.06% of MCH, which in turn holds 100% of Marina Square shopping mall, Marina Bayfront office block, 778-room Pan Pacific Hotel and 50% of the Marina Mandarin and Mandarin Oriental hotels, which sit on a site with a remaining 67 years land tenure.

Altogether, MCH owns 1,880 rooms or 4+% of the total gazetted hotel room stock in Singapore.

In addition, the majority of Singland’s hidden value is in the hotel component of MCH. These properties are carried at an estimated S$305k-365k/room as part of fixed assets in its latest FY11 balance sheet.

Here's more from DBS:

This is very much below market levels as well as estimated cost of replacing a hotel in today’s market environment.

We reckon that the market value of these properties are closer to 3x these carrying values, judging from recent market transactions such as the S$662k/room paid for Ibis Novena and valuations of hotels by other listed companies/trusts.

Another anecdotal evidence such as a 60-year hotel site along Robinson Rd/Boon Tat St bought by Royal Brothers in Jan 2011 for S$1,072psf ppr, also indicates that replacement cost is above the current stated values in the balance sheet.

Hence, we have revalued the hotels at S$863k-1,012k/room in our RNAV, translating to a share of uplift of 97Scts for Singland, if these assets are marked to market.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia