Keppel Land Ltd SIN:K17 has been upgraded to a strong buy with a 2012 price target of $8SGD issued by Shayne Heffernan.

Singapore’s K-REIT Asia said first quarter distribution per unit (DPU) rose 35 percent from a year ago, helped by contributions from recently acquired properties.

The DPU for the three months ended March 31 was 1.79 Singapore cents, up from 1.33 Singapore cents in the year-earlier period.

K-REIT said its net property income for the quarter rose 7.6 percent to S$14.9 million, as contributions from recently acquired properties offset the loss of income from two divested Singapore office buildings.

At the end of the first quarter, K-REIT had an asset size of about S$3.5 billion ($2.8 billion), comprising four commercial properties in Singapore and two in Australia.

K-REIT is managed by Keppel Land , Singapore’s third largest developer.

Keppel Land Limited is a holding, management and investment company. The principal activities of its subsidiary companies consist of property investment and development, fund management and property related services.

As an office developer in Singapore, Keppel Land contributes to defining and refining the city’s skyline with landmark developments, such as Ocean Financial Centre and Marina Bay Financial Centre in the Central Business District. Keppel Land is also Asia’s premier home developer with waterfront homes at Keppel Bay and Marina Bay.

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