Ho Bee Land’s investments totalling about $250 million – made in the past six months – have prompted CGS-CIMB Research to raise its target price for the property developer to $2.70 from $2.56 previously.

The brokerage has maintained its “add” rating for the stock.

“We continue to like Ho Bee for its strong recurring income profile, derived from rentals in Singapore and UK,” CGS-CIMB analyst Lock Mun Yee writes in a note dated Sept 11.

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