Marina Bay Sands in Singapore to Open Its Doors on April 27, 2010

LAS VEGAS, NV, Feb 23, 2010 (MARKETWIRE via COMTEX News Network) -- Las Vegas Sands Corp. (NYSE: LVS) announced today it plans to open the first phase of its $5.5 billion Marina Bay Sands development on April 27, 2010. Arguably one of the world's most challenging construction projects and certainly the most expensive stand-alone integrated resort property ever built, Marina Bay Sands will immediately go to work by hosting its first event, the Inter-Pacific Bar Association's annual conference, just days after opening its doors.
"Nearly four years ago, we embarked on a journey we believed would define the future of our company and at the same time change the face of tourism in Singapore and the South Asian region for decades to come. Now, as we approach the opening of Marina Bay Sands -- one of the most remarkable leisure and business destinations ever created -- it seems both of those ambitions are about to come true," said Las Vegas Sands Chairman and Chief Executive Officer Sheldon G. Adelson.
"Despite the challenging, and at times unprecedented economic conditions companies like ours recently faced, our dedication to completing this development never wavered, not even for a second. That determination defines this company as much as our ability to create and develop masterpieces such as Marina Bay Sands. We have no doubt the property will be a tremendous success, but how we got to this point will be every bit as important to the future prospects of our company," said Mr. Adelson.
Marina Bay Sands Chief Executive Officer Thomas Arasi said the property is planning for 963 hotel rooms, part of the shopping mall and convention center, celebrity chef restaurants along with other dining outlets and the casino to open on April 27 subject to construction proceeding as scheduled and being able to attain the necessary regulatory approvals.
The second phase, which includes the Sands SkyPark(TM), the Event Plaza along Marina Bay, more shops from the world's leading retailers, additional dining options, and exciting nightlife offerings, will open on June 23 as part of the property's grand opening celebration, Mr. Arasi said. In October, one of the property's two state-of-the-art theatres will welcome Disney's The Lion King. The second theatre, which will also open later this year, will be home to a variety of special events and famous headline acts. The iconic Marina Bay Sands museum, expected to open by December, will not only feature international blockbuster exhibitions, but it will also serve -- with its unique lotus-inspired design -- as a symbolic welcome to guests from around the globe.
"We are intently focused on meeting our construction timeline and preparing our team for opening and operating this extraordinary destination. We extend our gratitude to the people and government of Singapore for their steadfast support. We are confident Marina Bay Sands will make Singaporeans proud and that it will have visitors from all parts of the world traveling to Singapore to see it themselves."
"While the opening of Marina Bay Sands is exciting on many fronts, the introduction of our first development in South Asia also represents an important geographical milestone for Las Vegas Sands. The launch of Marina Bay Sands, in combination with our significant presence in the growing Macau market, positions us to realize substantial long-term financial benefits through our proximity to many of the world's fastest growing economies, both in North and South Asia. It will also make us less dependent on our operations in locations where the economy is still working to recover," said Michael Leven, the company's president and chief operating officer. "Singapore also provides another platform to demonstrate our position as the leading innovator of these large-scale, economy-changing business and tourism developments -- a role which puts us in a superior position to pursue and secure future growth opportunities globally."

Unit in One Amber hits $1,250 psf

In the secondary market, the soon-to-be-completed One Amber along Amber Gardens is seeing interest from buyers. The 562-unit freehold condominium project jointly developed by Singapore Land, UIC and UOL Group has four 23-storey blocks.

In the week of March 9 to 15, four units at One Amber changed hands at prices between $1,163 and $1,250 psf, according to caveats lodged with URA Realis. Those who bought units when the project was first launched in 2006 at an average price of $750 psf would be enjoying strong capital appreciation in the 70% range. For instance, a 1,701 sq ft, 21st floor apartment at Block 7 was recently sold for $2.126 million ($1,250 psf). The original owner bought it when it was launched in April 2006 for close to $1.25 million ($733 psf), hence seeing a 70% capital gain over the last four years.

A three-bedroom, 1,378 sq ft apartment on the 13th floor in the same block was sold for $1.66 million, or $1,205 psf. The seller had first purchased it in May 2006 for $965,080, or $700 psf. His gain was 72% in under four years.

Meanwhile, a 12th floor, 1,335 sq ft, three-bedroom apartment in Block 9 was sold for $1.575 million, or $1,180 psf. This is the second time the unit has changed hands in a sub-sale. The last time was in November 2007 when it was sold for $1.7 million, or $1,274 psf. The first owner, who bought the unit when the project was first launched in November 2006, paid $1.05 million, or $787 psf, hence seeing a 62% appreciation in just 12 months.

A sixth-floor apartment at One Amber’s Block 1 changed hands twice in sub-sales. Most recently, the 1,389 sq ft, three-bedroom unit was sold for $1.615 million, or $1,163 psf. Prior to that, it was sold for $1.69 million, or $1,220 psf in November 2007. The original owner had purchased the unit for $1.07 million, or $772 psf, in November 2006.

There has been a flurry of secondary transactions in the Marine Parade neighbourhood since the launch of The Shore Residences, a 103-year leasehold project by Far East Organization in January. Apartments in the 408 unit development have been sold at $1,002 to $1,387 psf since the start of the year.

What’s more, last month, Hong Leong Holdings released 60 high-floor apartments at the 196 unit Aalto at Meyer Road, a freehold development that is also expected to be completed next year. Prices of high floor units with sea views released in this phase start from $2,000 psf.

Meanwhile, the upcoming Marina Bay Sands integrated resort, scheduled to open on April 27, has also boosted interest in the Tanjong Rhu area, especially in units with views of Marina Bay. From March 9 to 15, six apartments in the area changed hands at between $909 and $1,192 psf.

The 99-year leasehold, 437-unit The Water Place, developed by Far East Organization and completed in 2004, saw the most trading activity, with three units changing hands recently in the resale market. An apartment on the ninth floor of one of the blocks has changed hands four times since it was first sold in December 2003. The 1,227 sq ft apartment was sold recently for $1.35 million, or $1,100 psf. The three bedroom unit changed hands in November 2007 for $1.49 million, or $1,214 psf. The previous owner had purchased it in August 2007 for $1.35 million ($1,100 psf). The first owner had bought the apartment from the developer for $788,500, or $643 psf.

The second apartment sold at The Water Place was a first-floor unit that was sold for $835,000, or $1,141 psf. The seller bought the 732 sq ft apartment for $755,000, or $1,031 in August 2007. The first owner had purchased the unit in September 2002 for $544,390, or $744 psf. The third apartment sold was a sixth-floor unit, which fetched $1.27 million, or $1,044 psf. The seller bought the 1,216 sq ft three-bedroom apartment for $761,570, or $626 psf in January 2002, hence seeing a 67% capital gain in eight years.

Next to The Water Place is Sanctuary Green, also a 99-year leasehold condo, developed by GuocoLand. Two apartments at the 522-unit condo project, completed in 2003, were sold for $909 and $1,032 psf, respectively. Meanwhile, at the 99-year leasehold 737-unit condo Costa Rhu, completed in 1997, one unit on the 10th floor changed hands for $1.18 million, or $1,192 psf. The seller of the 990 sq ft apartment bought it in September 2004 for $560,000, or $565 psf, hence reaping a 111% capital gain in 5½ years.

It looks like the hottest area in the secondary market now is Tanjong Rhu, as the Marina Bay Sands takes shape.

炒人民幣升值 - 15億熱錢湧中資股

美國押後將中國列為滙率操縱國，以及財長蓋特納突然訪華，預期人民幣恢復升值成為本周市場焦點，而今年撤離中資股的熱錢，在押注人仔即將升值大前提下，連續兩周回流中港市場。

A50基金成交大增

追蹤逾 2000億美元離岸亞洲基金的 EPFR Global透露，截至本周三（ 4月 7日）為止一周，中國股票基金錄得 1.9億美元（約 14.8億港元）淨流入，成為今年首次連續兩周錄得淨流入，亦是今年一月下旬以來，單周最大規模吸納金額。
港股基金則錄得千餘萬美元淨流入，較上周多逾倍。
EPFR Global負責人補充，雖然今年迄今中國股票基金仍錄得 10億美元淨流出，惟觀乎近兩周形勢已經逆轉，外資熱錢流入中港股市規模有加快迹象，當中變相間接投資 A股的 A50基金（ 2823），成為熱錢流入集中地。
A50昨彈 2.05%，成交增至 14億元，為第七大活躍成交港股。