Option to change database compatibility level disabled in SSMS2012

Question

I'm trying to use SQL Server Management Studio 2012 to alter the Compatibility level of a database, but the drop-down is disabled:

Why is the option disabled? How do i enable it?

I try manually changing it using T-SQL:

ALTER DATABASE AsiQuanClient
SET COMPATIBILITY_LEVEL =  110; --90 | 100 | 110 

and it is still disabled:

Why is it disabled, and how do i enabled it?

Bonus Chatter

Microsoft SQL Server Management Studio 11.0.3128.0

SELECT @@version

Microsoft SQL Server 2012 (SP1) - 11.0.3128.0 (X64) 
    Dec 28 2012 20:23:12 
    Copyright (c) Microsoft Corporation
    Standard Edition (64-bit) on Windows NT 6.2 <X64> (Build 9200: ) (Hypervisor)

Answer 1

According to MSDN the only permission required is "ALTER DATABASE"

OP writes: "While a user does not need to be a server admin to change a database compatibility level, they do need to be a server admin in order for the drop-down to be enabled."

Answer 2

The account you are using is a member of serveradmin ( allowing you to access the database properties menu ) but is not in db_owner or another sufficiently privileged role to perform the compatibility change on the catalog.

Edit; beaten by OP