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.

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