Tuan Sing (T24.SG) is +6.4% at $0.25 as the property group's land acquisition bid gains momentum.

It has won a tender with a $99.1 million bid for the collective sale of a Singapore property, Serene House, for redevelopment into a luxury residence.

This comes a day after it emerged as the highest bidder for a residential land parcel with a $123 million offer.

Still, the stock trades at only 0.55x P/B, one of the lowest for Singapore developers. Kim Eng says Tuan Sing's Singapore office portfolio, comprising Robinson Towers and the International Factors Building, has also been overlooked by investors, especially with the government reviewing the land-use zoning of CBD sites to preempt a tight supply of office space

"The rejuvenation of Tuan Sing's ageing office towers can unlock value even if it is unable to convert them into residential apartments for sale."

Resistance is at the $0.265 52-week high.