First Reit AW9U

SGD 0.174 -0.57% 0.00 Updated 13 Nov 2026, 17:16 SGT

Company profile

The business, the people and the ownership behind First Reit.

Investor relations ↗Official company website

Business overview

About the company

First REIT invests in healthcare and healthcare-related real estate assets within and outside Asia. It is managed by Singapore-based First REIT Management, with OUE and OUE Healthcare as its sponsors.

Annual Report 2025 ↗ Reviewed 2026-10-23 · Source dated 2026-03-31. PDF p. 3

Listed security

Company & listing

Full Company Name: FIRST REIT MANAGEMENT LIMITED
Trading Currency: SGD
Website: www.first-reit.com
Listing: Listed on 11 December 2006 on SGX Mainboard
ISIN Code: SG1U27933225

Board & management

Leadership

MR CHRISTOPHER JAMES WILLIAMS

Chairman and Non-Independent; Non-Executive Director

PDF p. 14

MR TAN KOK MIAN VICTOR

Chief Executive Officer and Executive Director

PDF p. 14

MR CHAN PENGEE ADRIAN

Lead Independent Director

PDF p. 15

MR FERRIS CHARLES BYE

Independent Director

PDF p. 15

MR TAN CHUAN LYE

Independent Director

PDF p. 16

MR MARTIN LECHNER

Independent Director

PDF p. 16

MS MINNY RIADY

Non-Independent Non-Executive Director

PDF p. 17

Roles listed in Annual Report 2025; current appointments are not independently verified.

Holdings

Ownership

Twenty largest registered/depository unitholders total 1,560,572,763 Units (73.78%) as at 13 March 2026. Substantial direct and deemed interests overlap and are not summed.

The substantial-unitholder percentages use 2,115,389,194 issued Units as at 13 March 2026 (PDF p. 203, note 21). The Manager’s directors’ interests use the separate register dated 21 January 2026. Original deemed-interest definitions 1–21 are retained with source evidence; these overlapping interests are not added together.

First REIT Management Limited (“FRM”)

Direct: 235,608,476 Units (11.14%); deemed: – Units (–).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

OLH Healthcare Investments Pte. Ltd. (“OHI”)

Direct: 677,997,828 Units (32.05%); deemed: – Units (–).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

OUELH (Singapore) Pte. Ltd. (“OUELH (Singapore)”)

Direct: – Units (–); deemed: 677,997,828 Units (32.05%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

OUELH (SEA) Pte. Ltd. (“OUELH (SEA)”)

Direct: – Units (–); deemed: 677,997,828 Units (32.05%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

OUE Healthcare Limited (“OUEH”)

Direct: – Units (–); deemed: 913,606,304 Units (43.19%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Treasure International Holdings Pte. Ltd. (“TIHPL”)

Direct: – Units (–); deemed: 913,606,304 Units (43.19%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

OUE Limited (“OUE”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

OUE Realty Pte. Ltd. (“OUER”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Golden Concord Asia Limited (“GCAL”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Fortune Crane Limited (“FCL”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Lippo ASM Asia Property Limited (“LAAPL”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

HKC Property Investment Holdings Limited (“HKC Property”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Hongkong Chinese Limited (“HCL”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Lippo Capital Limited (“LCL”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Lippo Capital Holdings Company Limited (“LCH”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Lippo Capital Group Limited (“LCG”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Admiralty Station Management Limited (“Admiralty”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Argyle Street Management Limited (“ASML”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Argyle Street Management Holdings Limited (“ASMHL”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Mr Kin Chan

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Mr V-Nee Yeh

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

PT Trijaya Utama Mandiri (“PT TUM”)

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Mr James Tjahaja Riady

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Dr Stephen Riady

Direct: – Units (–); deemed: 967,077,521 Units (45.72%).

Direct and deemed interest; as at 13 March 2026 PDF p. 202 As reported at 2026-03-13

Tan Kok Mian Victor

252,569 direct; – deemed

Direct and deemed interests; Manager’s Directors’ Unitholdings register PDF p. 203 As reported at 2026-01-21

Martin Lechner

3,000,000 direct; – deemed

Direct and deemed interests; Manager’s Directors’ Unitholdings register PDF p. 203 As reported at 2026-01-21

Total interests include direct and deemed holdings and may overlap across holders. These percentages should not be added together.

Registered & depository holders 20 holders

Registered holdings, including nominees and depositories; these do not establish ultimate beneficial ownership. As reported at 2026-03-13 · PDF p. 201

Registered holder	Interest	Shares / units	Source
OLH HEALTHCARE INVESTMENTS PTE LTD	580,000,000 Units; 27.42%.		PDF p. 2012026-03-13
CITIBANK NOMINEES SINGAPORE PTE LTD	389,376,394 Units; 18.41%.		PDF p. 2012026-03-13
DBS NOMINEES (PRIVATE) LIMITED	127,441,123 Units; 6.02%.		PDF p. 2012026-03-13
FIRST REIT MANAGEMENT LIMITED	117,422,296 Units; 5.55%.		PDF p. 2012026-03-13
RAFFLES NOMINEES (PTE.) LIMITED	47,100,656 Units; 2.23%.		PDF p. 2012026-03-13
HSBC (SINGAPORE) NOMINEES PTE LTD	43,696,210 Units; 2.07%.		PDF p. 2012026-03-13
PHILLIP SECURITIES PTE LTD	34,628,170 Units; 1.64%.		PDF p. 2012026-03-13
DBSN SERVICES PTE. LTD.	31,825,276 Units; 1.50%.		PDF p. 2012026-03-13
IFAST FINANCIAL PTE. LTD.	31,479,740 Units; 1.49%.		PDF p. 2012026-03-13
MOOMOO FINANCIAL SINGAPORE PTE. LTD.	26,516,545 Units; 1.25%.		PDF p. 2012026-03-13
ABN AMRO CLEARING BANK N.V.	23,641,343 Units; 1.12%.		PDF p. 2012026-03-13
OCBC NOMINEES SINGAPORE PRIVATE LIMITED	22,833,851 Units; 1.08%.		PDF p. 2012026-03-13
UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED	21,316,455 Units; 1.01%.		PDF p. 2012026-03-13
OCBC SECURITIES PRIVATE LIMITED	17,509,223 Units; 0.83%.		PDF p. 2012026-03-13
MAYBANK SECURITIES PTE. LTD.	10,752,908 Units; 0.51%.		PDF p. 2012026-03-13
CGS INTERNATIONAL SECURITIES SINGAPORE PTE. LTD.	9,111,476 Units; 0.43%.		PDF p. 2012026-03-13
TIGER BROKERS (SINGAPORE) PTE. LTD.	8,092,640 Units; 0.38%.		PDF p. 2012026-03-13
CHIA HOCK HERNG	7,050,000 Units; 0.33%.		PDF p. 2012026-03-13
UOB KAY HIAN PRIVATE LIMITED	5,578,457 Units; 0.26%.		PDF p. 2012026-03-13
CHIN KIAM HSUNG	5,200,000 Units; 0.25%.		PDF p. 2012026-03-13

Group structure

Subsidiaries and joint operations

The entity schedule separately lists 16 significant subsidiaries and one joint operation held by Icon1 Holdings Pte. Ltd.; the joint operation is not classified as a subsidiary. Ownership cells preserve the original Trust2025/Trust2024/Subsidiaries2025/Subsidiaries2024 order and dashes. PT Karya Sentra Sejahtera was disposed in December 2025; its 2025 dash and 2024 100% are preserved.

The 31% interest in PT Yogya Central Terpadu relates to the source’s separately disclosed joint operation. PDF p. 199 explains the hospital and retail-mall economic rights and the allocation of common expenses; it is not presented as a 31%-owned subsidiary.

Company	Market	Ownership interest
PT Bayutama SuksesThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 197	Indonesia; Property holding – Siloam Hospitals Makassar; – / – / 100 / 100 (%)
PT Graha Indah PratamaThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 197	Indonesia; Property holding – Siloam Hospitals Kebon Jeruk; – / – / 100 / 100 (%)
PT Graha Pilar SejahteraThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 197	Indonesia; Property holding – Siloam Hospitals Lippo Cikarang; – / – / 100 / 100 (%)
PT Karya Sentra SejahteraThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 197	Indonesia; Property holding – Imperial Aryaduta Hotel & Country Club; – / – / – / 100 (%)
PT Menara Abadi MegahThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 197	Indonesia; Property holding –; – / – / 100 / 100 (%)
PT Primatama CemerlangThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Indonesia; Property holding – Mochtar Riady Comprehensive Cancer Centre; – / – / 100 / 100 (%)
PT Sentra Dinamika PerkasaThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Indonesia; Property holding – Siloam Hospitals Lippo Village; – / – / 100 / 100 (%)
PT Dasa Graha JayaThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Indonesia; Property holding – Siloam Hospitals Bali; – / – / 100 / 100 (%)
PT Eka Dasa ParinamaThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Indonesia; Property holding – Siloam Hospitals Purwakarta; – / – / 100 / 100 (%)
PT Sriwijaya Mega AbadiThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Indonesia; Property holding – Siloam Sriwijaya; – / – / 100 / 100 (%)
PT Nusa Bahana NiagaThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Indonesia; Property holding – & Lippo Plaza Kupang; – / – / 100 / 100 (%)
PT Buton Bangun CiptaThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Indonesia; Property holding – & Lippo Plaza Baubau; – / – / 100 / 100 (%)
PT Prima Labuan BajoThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Indonesia; Property holding – Bajo; – / – / 100 / 100 (%)
PT Perisai Dunia SejahteraThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Indonesia; Property holding – Siloam Hospitals TB Simatupang; – / – / 100 / 100 (%)
OUELH Japan First TMKThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Japan; Property holding – 12 Japan nursing (d) homes; – / – / 100 / 100 (%)
First REIT Japan Two GKThe Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Japan; Property holding – Two Japan nursing homes (e); – / – / 100 / 100 (%)
PT Yogya Central TerpaduJoint operation held by subsidiary, Icon1 Holdings Pte. Ltd. · The Trust 2025 / The Trust 2024 / Subsidiaries 2025 / Subsidiaries 2024, in that orderPDF p. 198	Indonesia; Property holding – Siloam Hospitals Yogyakarta; – / – / 31 / 31 (%)

Ownership interests and geographic information follow the annual report. Comparative years and footnote markers retain the report’s notation.

Senior executives

Key management

Key management

Item	Value	Period / scope	Source
MS NG CHWEE NGOR, VALERIE	Chief Financial Officer	First REIT Management Limited (Manager)	PDF p. 18
MR CHAN SENG LEONG, JACKY	Senior Vice President; Asset & Investment Management	First REIT Management Limited (Manager)	PDF p. 18
Mr Kelvin Chua	COMPANY SECRETARY OF THE MANAGER	First REIT Management Limited (Manager)	PDF p. 207

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Shareholding statistics

Share capital & shareholders

Share capital

Item	Value	Period / scope	Source
Total	2,115,389,194 units	Total issued units · As at 2026-03-13	PDF p. 201

Shareholding distribution

Item	Value	Period / scope	Source
Total	12,773 holders	Total unitholders · As at 2026-03-13	PDF p. 201
1 - 99	633 holders; 4.96% of holders; 27,641 units; 0.00% of units	Size of unitholdings 1 - 99 · As at 2026-03-13	PDF p. 201
100 - 1,000	950 holders; 7.44% of holders; 632,628 units; 0.03% of units	Size of unitholdings 100 - 1,000 · As at 2026-03-13	PDF p. 201
1,001 - 10,000	4,796 holders; 37.55% of holders; 27,351,503 units; 1.29% of units	Size of unitholdings 1,001 - 10,000 · As at 2026-03-13	PDF p. 201
10,001 - 1,000,000	6,332 holders; 49.57% of holders; 445,154,019 units; 21.05% of units	Size of unitholdings 10,001 - 1,000,000 · As at 2026-03-13	PDF p. 201
1,000,001 AND ABOVE	62 holders; 0.48% of holders; 1,642,223,403 units; 77.63% of units	Size of unitholdings 1,000,001 and above · As at 2026-03-13	PDF p. 201

Free float

Item	Value	Period / scope	Source
Free Float	approximately 54.13% of the Units in First REIT are held in hands of the public	Public holding · As at 2026-03-13	PDF p. 203

Treasury shares

Item	Value	Period / scope	Source
Treasury Units and Subsidiary Holdings	First REIT does not hold any treasury units and there is no subsidiary holding.	Treasury units and subsidiary holdings · As at 2026-03-13	PDF p. 203

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Related parties, people & properties

Other disclosures

Related party transactions

Item	Value	Period / scope	Source
First REIT Management Limited	S$8,502,000	Interested person transactions FY2025 - Manager's management fees; excl. <S$100,000 and Rule 920 mandate	PDF p. 200
FRM Japan Management K.K.	S$211,000	Interested person transactions FY2025 - Asset management fees	PDF p. 200
Perpetual (Asia) Limited	S$341,000	Interested person transactions FY2025 - Trustee fees	PDF p. 200
PT Abadi Jaya Sakti and PT Tigamitra Ekamulia	S$25,908,000	Interested person transactions FY2025 - Sales consideration for divestment of 100% of PT Karya Sentra Sejahtera	PDF p. 200
First REIT Management Limited	S$130,000	Interested person transactions FY2025 - Manager's divestment fees	PDF p. 200
Property rental income	31,964 $'000	Group 2025 (2024: 54,702); Trust 2025 –	PDF p. 178
Management fees paid to Manager	(8,502) $'000	Group 2025 (2024: (8,690)); Trust 2025 (8,458), 2024 (8,647)	PDF p. 178

Director remuneration

Item	Value	Period / scope	Source
Mr Christopher James Williams	100,000(2) S$	FY2025 total remuneration; 100% directors' fees	PDF p. 104
Mr Tan Kok Mian Victor	525,725(3) S$	FY2025 total remuneration; 76% base/fixed salary, 24% variable/bonus	PDF p. 104
Mr Chan Pengee Adrian	126,250(4) S$	FY2025 total remuneration; 100% directors' fees	PDF p. 104
Mr Tan Chuan Lye	81,250(5) S$	FY2025 total remuneration; 100% directors' fees	PDF p. 104
Mr Martin Lechner	68,750(6) S$	FY2025 total remuneration; 100% directors' fees	PDF p. 104
Mr Ferris Charles Bye	106,250(7) S$	FY2025 total remuneration; 100% directors' fees	PDF p. 104
Ms Minny Riady	62,500(8) S$	FY2025 total remuneration; 100% directors' fees	PDF p. 104
Directors' fees for FY2025	S$545,000	FY2025 total recommended by NRC, to be paid in arrears	PDF p. 104

Properties

Item	Value	Period / scope	Source
Precious Homes @ Bukit Merah	6 Lengkok Bahru, Singapore 159051; Nursing Home; 30 years leasehold from 2002	Singapore · As at 2025-12-31	PDF p. 136
Precious Homes @ Bukit Panjang	21 Senja Road, Singapore 677736; Nursing Home; 30 years leasehold from 2003	Singapore · As at 2025-12-31	PDF p. 136
The Lentor Residence	51 Lentor Avenue, Singapore 786876; Nursing Home; 99 years leasehold from 1938	Singapore · As at 2025-12-31	PDF p. 136
Siloam Hospitals Lippo Village	Jalan Siloam No. 6 Lippo Karawaci 1600, Tangerang, Banten, Indonesia; Hospital; HGB	Indonesia · As at 2025-12-31	PDF p. 137

Subsequent events

Item	Value	Period / scope	Source
Subsequent events (iii)	On 5 February 2026, the Manager declared a distribution of 0.52 cents per unit, amounting to $11,028,000, in respect of the period from 1 October 2025 to 31 December 2025.		PDF p. 199
Subsequent events (vi)	On 26 March 2026, the Group has obtained an extension from its existing lenders for the loan amount of $242,601,000 from May 2026 to May 2027.		PDF p. 199

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Source: Annual Report 2025 ↗

Corporate information

Registration & contacts

Incorporated In: SINGAPORE
Incorporated On: 19 Oct 2006
Telephone: 65 6435 0168
Fax: 65 6435 0167
Registered Office: 333 Orchard Road,
#33-02,
Singapore 238867
Secretary: Chua Hua Yeow Kelvin
Registrar / Transfer Agent: BOARDROOM CORPORATE & ADVISORY SERVICES PTE. LTD.
Registrar Address: 1 Harbourfront Avenue, Keppel Bay Tower, #14-07, Singapore 098632
Auditors: KPMG LLP
Other Stock Exchange Listings: *SINGAPORE EXCHANGE LTD.
Country: SINGAPORE
Security Type: reits