Based on the asset' s prime Orchard Road location, freehold tenure, newly redeveloped condition and integrated luxury positioning, we estimate that COMO Orchard could reasonably be worth around S$750 million today, with a plausible valuation range of S$700&ndash 800 million. This is supported by the reported market interest at around S$680 million in late 2024, even before the asset had fully established its operating track record. Since then, the hotel, retail and wellness components have had additional time to stabilise, reducing operational risk and increasing the attractiveness of the asset to institutional and strategic investors.

At a valuation of S$750 million, the asset would be worth approximately 46% more than the original acquisition cost of S$515 million, implying an embedded uplift of about S$235 million. Given the scarcity of large freehold commercial assets in the Orchard belt, coupled with the strong COMO brand and the property' s luxury ecosystem, we believe the market may still be underappreciating the value of this asset within Boustead' s overall portfolio. In our view, COMO Orchard alone could represent a meaningful hidden source of value that is not fully reflected in Boustead' s current market capitalisation.