Keppel Land (K17.SG) is off 0.3% at $3.99 as investors continue to book gains after run-up two weeks ago to 52-week high of $4.09, says Dow Jones.

Longer-term uptrend holding well with shares +14.3% year-to-date, +14.9% since beginning June vs FTSE ST Real Estate Holding & Development Index down 6.7%, +4.0% respectively.

Developer’s homes generally still in demand but investors more upbeat over its Singapore office portfolio, which accounts for greater portion of NAV. Office take-up still resilient, with company adding ANZ, BNP Paribas last week to its tenant list for Ocean Financial Centre, to be completed in 2Q11, bringing project’s pre-commitment rate to 63% from 31% in April.

“We continue to see positive catalysts for the rest of the year,” says OCBC, which has Buy call with $4.50 target, citing more newsflow on office demand, launch of new homes in Singapore.

Support at 15-day moving average, last at $3.92.