Siloam Hospitals Surabaya

Surabaya's City Development Agency has pointed to development works near Siloam Hospitals Surabaya as the probable cause of a giant sinkhole in 2018.

Siloam Hospitals Surabaya is a property of Singapore-listed healthcare REIT, First REIT.

The five-story property can accommodate about 160 beds, with 9,200 square metres of gross floor area.

First REIT was cleared by unitholders to acquire the property in 2015.

An adjacent development next to the property also became a target property of First REIT, as part of the acquisition.

First REIT had sold a portion of the land to a subsidiary of PT Lippo Karawaci to develop the new hospital.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.