Singapore – More than five million US dollars' worth of watches have been stolen from a Singapore shop, the dealer said, in a rare crime of such magnitude in one of Asia's safest cities, reported AFP.

Cortina Holdings Ltd, which has outlets in Southeast Asia, Taiwan and Hong Kong, said it discovered the theft last Friday.

"The theft involves timepieces at a net cost of about $7.9 million," Cortina said in a statement late Monday to the Singapore Exchange.

The theft occurred at Cortina's outlet in the Raffles City shopping mall after the close of business on Christmas Day and before the store opened on Friday, it said.

The Straits Times reported that the company did not disclose information on whether there was evidence of a break-in at the Raffles City outlet or any other details of how the theft might have occurred.

Police confirmed to The Straits Times that they were informed on Friday morning of the theft. No further details would be provided as investigations were still going on, they said.

According to the Business Times, the company said it is now in discussions with its insurers on the loss to the group and has taken steps to tighten security. It did not indicate how much insurance it hopes to claim, or what the brands of these timepieces were.

A source familiar with the matter said that around 9am that day, the staff found the outlet ransacked and discovered that the safe - where the watches were kept - had been cracked open.

Some salespeople from neighbouring stores were surprised by the news - saying they were not aware that the store had been robbed, with one commenting that it was a 'hushed' affair, reported the Business Times.

A Reuters report said Cortina said that the theft will have adverse impacts on its financial year 2008 results which ends on March 2009.

The net tangible asset value per share and earnings per share for FY2008 ended March 31 would be reduced by 4.8 cents from 47.8 cents and 3.5 cents from 5.9 cents, it said to the Business Times. This assumes a maximum loss of $7.9 million.

Cortina said in the SGX statement that its cash position 'remains healthy' and that its outlets are open for business.

Cortina houses watches from Audemars Piguet, Cartier, Patek Philippe, Rolex and Tag Heuer.