In a comment to my previous post, fellow blogger Jes observed that one of the S-Reits in the list, First REIT had always traded 20% above NAV.  Her question was whether investors are too forward looking in growth, and whether it will be a good buy if it becomes only 10% above NAV? For a start, here is a little background information.  First REIT is a healthcare focused REIT, specialising in medical care assets predominantly located in Indonesia.  It owns eleven hospitals in Indonesia, three nursing homes in Singapore and one hospital in South Korea.  It also owns one country club in Indonesia. Wait.  A country club?  Yup, you heard me right.

Imperial Aryaduta Hotel & Country Club (Photo credit: First REIT)

To reply Jes, unfortunately I have not done any homework on this REIT.  Thus I am not able to provide ......