Bowsprit Capital Corporation Limited, as manager (the “Manager”) of First Real Estate Investment Trust (“First REIT”), wishes to announce that independent annual valuations of Siloam Hospitals Lippo Village, Siloam Hospitals Kebon Jeruk, Siloam Hospitals Surabaya, Imperial Aryaduta Hotel and Country Club, Pacific Healthcare Nursing Home @ Bukit Merah, Pacific Healthcare Nursing Home II @ Bukit Panjang, The Lentor Residence and the proposed Pacific Cancer Centre @ Adam Road in First REIT’s portfolio as at 28th December 2010 (the “Existing Portfolio”) have been completed.
KJPP Hendra Gunawan & Rekan in Association with Colliers International valued the 4 Indonesia properties, namely, Siloam Hospitals Lippo Village, Siloam Hospitals Kebon Jeruk, Siloam Hospitals Surabaya and Imperial Aryaduta Hotel and Country Club.
CB Richard Ellis (Pte) Ltd valued the 4 Singapore properties, namely, Pacific Healthcare Nursing Home @ Bukit Merah, Pacific Healthcare Nursing Home II @ Bukit Panjang, The Lentor Residence and the proposed Pacific Cancer Centre @ Adam Road.
The Existing Portfolio were revalued at S$355,500,000, which represents an increase of S$14.6 million over First REIT’s book value as at 31st December 2009. The revaluation of the Existing Portfolio will be reflected in the financial statements of First REIT for the fourth quarter ending 31st December 2010.
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