United Engineers says revenue increased by $79.1 million (13%) to $703.7 million in FY2009 from $624.6 million in FY2008 mainly due to the progressive recognition of revenue from residential development projects, The Rochester in one-north and Park Central @ AMK in Ang Mo Kio, as well as an engineering project for the Marina Bay Sands Integrated Resort.
Posts Tagged ‘Marina Bay’
Genting Singapore off 1%; monopoly short-lived, says Goldman Sachs
February 24th, 2010 |
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Genting Singapore (G13.SG) is underperforming market after rival casino Marina Bay Sands sets opening date.
Its shares are down 1% to 94.5 cents (STI down 0.7%) with support eyed at current 2010 low of 90 cents.
Marina Bay Sands operator Las Vegas Sands says in statement the casino will open in phases from April 27.
Las Vegas Sands to open Singapore casino on Apr 27: Update
February 24th, 2010 |
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Las Vegas Sands Corp (LVS.N), the world’s second-most valuable casino firm, said on Wednesday it will open the first phase of its Singapore casino on April 27, 2010, earlier than expected.
The US$5.5 billion ($7.75 billion) Marina Bay Sands casino will start operating along with 963 hotel rooms, part of the shopping mall and convention centre, and several dining outlets, Las Vegas Sands said in a statement.
CapitaMall Trust to acquire Clarke Quay from CapitaMalls Asia for $268 million
February 9th, 2010 |
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CapitaMall Trust says it has entered into a sale and purchase agreement with Clarke Quay Pte Ltd, the wholly-owned subsidiary of CapitaMalls Asia, to acquire Clarke Quay for $268 million.
Clarke Quay is an integrated food and beverage, entertainment and lifestyle riverfront development. It is located along the Singapore River, near Singapore’s Central Business District and the upcoming Marina Bay Sands integrated resort. It is within walking distance of the Clarke Quay mass rapid transit (MRT) train station.
Genting’s head start for Resorts World Sentosa to help margins, say CLSA
January 6th, 2010 |
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CLSA has reiterated its positive view on Genting Singapore plc (G13.SG) after the gaming company says hotels at its new integrated resort Resorts World Sentosa will open on Jan 20.
The brokerage says the opening of Resorts World Sentosa ahead of rival casino offering Marina Bay Sands means Resorts World Sentosa will get to enjoy a 100% market share for some months, which bodes well for margins.
Visitor arrivals jump most in 3 years: Update
December 28th, 2009 |
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Singapore visitor arrivals in November jumped the most in three years, as the Hari Raya Haji holiday, held in December last year, attracted tourists from Malaysia and Indonesia.
Visitor arrivals gained 8.4% to 830,000 last month from a year earlier, the Singapore Tourism Board said in an e- mailed statement today. Arrivals from Malaysia rose 37%, while Indonesian visitors gained 20%. The board also said the 2009 “Reasons to enjoy Singapore” campaign helped spur an increase in visitors from Germany, China and Australia.
Singapore is betting on projects set to open in the coming two years, such as the International Cruise Terminal and the two integrated resorts, to spur tourism. In October, Singapore began work on a $500 million terminal to double cruise berthing capacity and boost visitors arriving by sea. The two integrated resorts, Marina Bay Sands and Resorts World Sentosa, are scheduled to open in 2010.
April opening for Singapore Marina Bay casino, says MediaCorp report
December 19th, 2009 |
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Marina Bay Sands, Singapore’s waterfront casino on the edge of the city state’s business district, is likely to be open in April, Channel News Asia reported on today, citing unnamed sources.
The casino, operated by Las Vegas Sands (LVS.N), had been originally scheduled to open its doors by the end of 2009, but the date was put back to the first quarter of 2010.
Ascott Residence Trust rated buy
December 16th, 2009 |
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Kim Eng Research in a Dec 15 research report says: “Marina Bay Sands have signed up events for its Sands Expo and Convention Centre that will attract more attendees than its 2500-room hotel can accommodate. Tourist arrivals to Singapore in October have continued its uptrend while occupancy was at 83%.
Keppel Land upgraded to buy
December 2nd, 2009 |
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OCBC Investment Research in a NOv 30 research report says: “The Marina Bay Suites (MBS) was finally previewed last week and saw exceptional demand from buyers on the first day of the preview. We are now raising our average selling price assumption for MBS to $2,500.
Ninety units at its Marina Bay Suites sold at between $2,200–$2,500
November 26th, 2009 |
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Marina Bay Financial Centre, a joint venture involving Keppel Land (KLAN.SI), Hongkong Land (HKLD.SI) and Cheung Kong (0001.HK), said late yesterday it sold 90 units at its Marina Bay Suites development in the central business district. The units sold for between $2,200 and $2,500 per square foot, higher than recently the transacted prices for apartments at neighbouring projects, according to local press reports.
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Genting’s progress at Singapore casino presses Sands, WSJ says
October 23rd, 2009 |
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Genting Bhd. is on track for a partial opening of its Singapore casino resort by Christmas, putting it ahead of the competing project by Sheldon Adelson’s Las Vegas Sands Corp., the Wall Street Journal reported.
Genting’s official target date for opening its US$4.4 billion ($6.1 billion) Resorts World on the island of Sentosa is still early 2010, the newspaper said. Genting has been quietly preparing for an earlier ramp-up, and the consensus among market watchers is that it will open before the Marina Bay Sands project in Singapore’s business district.
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Wynn sees no threat to Asia casinos from Singapore: Update
September 23rd, 2009 |
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Wynn sees no threat to Asia casinos from Singapore Wynn Resorts (WYNN.O), the world’s third-largest casino operator by market value, said on Wednesday that Singapore’s two upcoming casinos will not pose a threat to its Macau business, even as the city-state aims to draw high-rollers in with lower taxes.
Las Vegas Sands’ (LVS.N) Marina Bay Sands and Genting Singapore’s (GENS.SI) Resorts World at Sentosa will pay taxes of about 10% on net revenue from high-rollers, much lower than Macau’s tax of about 39%, giving operators more incentive to draw gamblers to the city-state when the casinos are up and running by the end of this year or early next year.