Shares of Singapore property developer Keppel Land <KLAN.SI> rose as much as 3.7% to a 32-month high on Monday after a brokerage upgraded it to a “buy”, traders said.

At around 1034 GMT, Keppel Land shares were traded at $4.46 with nearly 1.5 million shares changing hands.

 

UBS said it upgraded Keppel Land to “buy” from “neutral” and raised its target price to $5.08 from $4.10 to reflect the firm’s asset swap deal with its property trust K-REIT Asia.

 

The broker also revised up its capital values for Keppel Land’s office portfolio.

 

“Given abundant liquidity chasing physical assets, we believe prime capital values will end the year higher,” UBS said in a report.