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First Real Estate Investment Trust : Statement On COVID-19 Case At Pacific Healthcare Nursing Home II @ Bukit Panjang

04/17/2020 | 05:46am




SINGAPORE - 17 April 2020 - Bowsprit Capital Corporation Limited ("Bowsprit" or the "Manager"), the manager of First Real Estate Investment Trust ("First REIT" or the "Trust"), would like to announce that:

  1. On 16 April 2020, the Ministry of Health ("MOH") announced that there were a total of 728 new
    COVID-19 cases. One of these COVID-19 cases is an 89-year-old resident of Pacific Healthcare Nursing Home II @ Bukit Panjang ("PHNH II" or the "Home"), located at 21 Senja Road, which is one of First REIT's properties. The resident tested positive for COVID-19 on 15 April 2020 and has since been in isolation at Ng Teng Fong General Hospital.
  2. The operator of PHNH II ("Pacific Healthcare") has reached out to the family of the resident to offer support and has informed the families of the rest of the residents of the case and assured them of the safety and continuity of care for the residents.
  3. Pacific Healthcare's priority is to ensure the well-being and safety of its residents and staff. The Home has since conducted thorough cleaning and disinfection of the ward and affected areas, and has also increased the frequency of cleaning and stepped up all its precautionary measures.
  4. Pacific Healthcare has executed all precautionary measures at the Home in line with the COVID-19 advisories issued by MOH and the Agency for Integrated Care ("AIC") since the outbreak. These measures include twice-daily temperature checks of all residents and staff, split zones within the Home to minimise contact and making it mandatory for all staff to wear personal protective equipment when attending to residents. Pacific Healthcare has also suspended all visitors to the Home since 2 April 2020.
  5. Pacific Healthcare is working closely with MOH and AIC to establish contact tracing and both agencies are also supporting the Home to ensure service continuity. Pacific Healthcare is closely monitoring the situation and the health of its residents and staff.
  6. First REIT owns three nursing homes in Singapore and this is the first COVID-19 case reported at its homes. All three homes have taken steps to enforce stringent precautionary measures since the outbreak and First REIT is in close communication with its tenants to closely monitor the situation. The Manager will provide further updates if there are any material developments.

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About First REIT

First Real Estate Investment Trust ("First REIT") is a real estate investment trust constituted by the Trust Deed entered into on 19 October 2006 between Bowsprit Capital Corporation Limited as the Manager and HSBC Institutional Trust Services (Singapore) Limited as the Trustee. First REIT was listed on the Singapore Exchange Securities Trading Limited on 11 December 2006. On 1 March 2018, HSBC Institutional Trust Services (Singapore) Limited retired as the Trustee of First REIT in favour of Perpetual (Asia) Limited.

First REIT is Singapore's first healthcare real estate investment trust that aims to invest in a diversified portfolio of income-producing real estate and / or real estate-related assets in Asia that are primarily used for healthcare and / or healthcare-related purposes.

Managed by Bowsprit Capital Corporation Limited, First REIT's portfolio consists of twenty properties located in Indonesia, Singapore and South Korea, namely 1) Siloam Hospitals Lippo Village, 2) Siloam Hospitals Kebon Jeruk, 3) Siloam Hospitals Surabaya, 4) Imperial Aryaduta Hotel & Country Club, 5) Mochtar Riady Comprehensive Cancer Centre, 6) Siloam Hospitals Lippo Cikarang, 7) Siloam Hospitals Manado & Hotel Aryaduta Manado, 8) Siloam Hospitals Makassar, 9) Siloam Hospitals Bali, 10) Siloam Hospitals TB Simatupang, 11) Siloam Hospitals Purwakarta, 12) Siloam Sriwijaya, 13) Siloam Hospitals Kupang & Lippo Plaza Kupang, 14) Siloam Hospitals Labuan Bajo, 15) Siloam Hospitals Buton & Lippo Plaza Buton, 16) Siloam Hospitals Yogyakarta, 17) Pacific Healthcare Nursing Home @ Bukit Merah, 18) Pacific Healthcare Nursing Home II @ Bukit Panjang, 19) The Lentor Residence and 20) Sarang Hospital.

Its hospital assets in Indonesia are operated by PT Siloam International Hospitals Tbk, a subsidiary of PT Lippo Karawaci Tbk, a strong brand name in the Indonesian healthcare industry supported by a team of international healthcare professionals whereas The Imperial Aryaduta Hotel & Country Club and Hotel Aryaduta Manado are operated by The Aryaduta Hotel and Resort Group. The Lippo Plaza Kupang and Lippo Plaza Buton are managed by PT Lippo Malls Indonesia. In Singapore, the nursing homes at Bukit Merah and Bukit Panjang are operated by Pacific Healthcare Nursing Home Pte. Ltd. and Pacific Eldercare and Nursing Pte. Ltd., respectively. The Lentor Residence is operated by The Lentor Residence Pte. Ltd. In South Korea, the Sarang Hospital is operated by a private doctor.

Through First REIT, investors can participate in an asset class that has a focus towards Asia's growing healthcare sector, which is boosted by an increase in life expectancy in Indonesia and the rest of Southeast Asia.


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The value of units in First REIT ("Units") and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders of First REIT may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This document is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance of First REIT is not necessarily indicative of the future performance of First REIT. This document may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's view of future events.

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First Real Estate Investment Trust published this content on 17 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2020 09:45:03 UTC

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