Singapore’s Marina Bay Sands Sinks to S$113M Q2 Loss

Marina Bay Sands Singapore

The impact of the coronavirus is becoming clearer this week as companies around the region declare earnings, with Singapore’s best-known casino dropping to a loss and the Bangkok residential market losing 27 percent of its value.

On a more positive note, GLP continued to add to its China portfolio with a new site in Tianjin and Singapore’s Ascendas REIT saw double-digit growth in property income.

Singapore’s Marina Bay Sands Lost S$113M in Q2

Marina Bay Sands (MBS) sank deep into the red in the second quarter of this year, racking up a loss of US$113 million (S$156.5 million) after a near-three-month shutdown.

This is compared to the US$346 million profit it made between April and June last year, MBS’ parent company Las Vegas Sands (LVS) reported on Wednesday (July 22) in the United States. Both figures refer to Ebitda or earnings before interest, tax, depreciation and amortisation. Read more>>

GLP Buys Sino-Singapore Tianjin Eco-City Site for RMB 300M

GLP, a global logistics property player, has secured two industrial-land plots in the Sino-Singapore Tianjin Eco-City and plans to invest 300 million yuan (S$59.3 million) to build a “smart logistics” industrial park there.

The two plots, 8.44 ha in total size, were put up for public bidding at the Tianjin Binhai New Area Land Development Centre by Sino-Singapore Tianjin Eco-City Investment and Development Co (SSTEC). Read more>>

Ascendas REIT 1H Net Property Income Rose 11.2%

Ascendas REIT said Thursday its first-half net property income rose 11.2%, helped by higher contributions from its U.S. portfolio and two Singapore business park properties.

Net property income for the period was 388.0 million Singapore dollars (US$$280 million), compared with around S$349.1 million a year ago. Read more>>

Singapore Industrial Rents Slid 1.7% in Q2

Prices and rentals of industrial space fell year on year in the second quarter and will continue to see downward pressure in coming quarters due to the pandemic, said industrial land and infrastructure agency JTC Corp.

Prices of industrial space declined by 1.7 per cent year on year and 1.1 per cent quarter on quarter, while rents came down by 0.8 per cent year on year and 0.7 per cent quarter on quarter. Read more>>

Singapore Shop Portfolio on Market for S$21M

A portfolio of 11 shops at Sim Lim Square is up for sale again via expression of interest (EOI) with a guide price of S$21 million, exclusive marketing agent Knight Frank Singapore said on Thursday.

The indicative price works out to about S$4,134 per square foot (psf). The shops are central podium facing units on the fifth floor of Sim Lim Square, a complex catered for electronics and IT products. Read more>>

CapitaLand Mall Trust Income Takes Hit From Rental Waivers

CapitaLand Mall Trust (CMT) saw a big drop in rental income arising from the rental waivers of $74.1 million granted to tenants affected by the Covid-19 pandemic, as well as lower gross turnover rent and carpark income during the “circuit-breaker” period, its manager said in a regulatory filing on Wednesday (July 23).

This led distribution per unit (DPU) to fall 27.7 per cent to 2.11 cents for its second quarter ended June 30, from 2.92 cents a year ago. Read more>>

Bangkok Area Residential Market Lost 27% of Value in 2020

The virus crisis has wiped a whopping 150 billion baht ($4.8 billion) off the value of the residential market in Bangkok and surrounding provinces, Krungthai Bank Pcl research revealed on July 16.

Meanwhile, the reservation rate for new apartments and houses fell from 20 per cent in the fourth quarter of last year to 15 per cent in the first quarter of this year before falling again in the second quarter to 12 per cent. Read more>>

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