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China's government announced measures on Wednesday including cuts in transaction taxes for real estate sales and policies to make it easier for developers to obtain credit.
By 0426 GMT, Keppel Land was up 12.4 percent at S$1.82, after ralling 9.5 percent on Thursday.
A Morgan Stanley report on Friday said the property firm gains of the past two days were premature and "unjustifiable" due to the fact that solvency and refinancing risks have never been issues for Keppel Land.
"We maintain our equal-weight rating ... due to Singapore asset devaluation risk, which could see them trade downwards," said Melissa Bon in the Morgan Stanley report.
Other property firms CapitaLand and City Developments were up 8.2 percent and 6.7 percent respectively.
The benchmark Straits Times index was up 1.15 percent. (Reporting by Matthew Webster Editing by Neil Chatterjee) ASIA-PACIFIC STOCK MARKETS: Japan
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