* Orchard Parade *

Orchard Parade has been the subject of a potential revaluation/redevelopment/asset restructuring play following launch of tender sale (closing 25 Jan) of adjoining Tanglin Shopping Centre at reserve price of $1.2b. Latest NAV stands at $2.56 but pegging Orchard Parade Hotel to TSC's tender price could raise the stock's RNAV to as high as $4.20.