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Overview of Indonesia and its EconomyFigure 1.7.1: Private consumption (current prices), 2000-2005Trillion RpSource: Central Statistics Bureau2,000Private Consumption1,800Growth1,6001,4001,2001,00080060040020002000 2001 2002 2003 2004 2005Year25%20%15%10%5%0%Percentage GrowthIn nominal terms, private consumption expenditure in 2005 totalled approximately Rp. 1,786 trillion(current prices) compared to Rp. 1,533 trillion the previous year.The following table details Indonesia’s GDP from 2001 to 2005 based on expenditure and its proportion oftotal GDP.Table 1.7.6 GDP by expenditure—Indonesia, 2000-2005Indonesia current prices (in billions rupiah)2000 2001 2002 2003 2004 2005Expenditure . . . . . . . . . . . . . . . . . 1,389,770 1,684,280 1,863,275 2,045,853 2,273,142 2,729,708Private consumption . . . . . . . . . . . 856,798 1,039,655 1,231,965 1,372,078 1,532,888 1,785,596Government consumption . . . . . . . 90,780 113,416 132,219 163,701 191,056 224,981Gross fixed capital formation . . . . . 275,881 323,875 353,967 392,789 492,850 599,795Increase in stocks . . . . . . . . . . . . . 33,283 47,194 35,980 122,682 34,515 7,172Exports of goods & services. . . . . . 569,490 642,595 595,514 613,721 729,321 915,610Less: Imports goods & services . . . 423,318 506,426 480,815 462,941 623,525 797,276Statistical discrepancy . . . . . . . . . . (13,145) 23,972 (5,554) (156,176) (83,963) (6,170)Percentage of GDPPrivate consumption . . . . . . . . . . . 61.7 61.7 66.1 67.4 67.4 65.4Government consumption . . . . . . . 6.5 6.7 7.1 8.0 8.4 8.2Gross domestic capital formation . . 22.2 22.0 20.9 25.3 23.2 22.2Exports of goods & services. . . . . . 41.0 38.2 32.0 30.1 32.1 33.5Imports goods & services. . . . . . . . 30.5 30.1 25.8 22.7 27.4 29.2Source: Asian Development Bank, Key Indicators, 20061.7.5 Per capita income growthDuring the oil boom in the 1970s, Indonesia’s GDP per capita increased from US$80 in 1970 to US$520 in1980, representing an increase of more than 500%. However, growth fell sharply throughout the 1980s to21%, improving to 25% in the following decade. The 1997 financial crisis had significantly reducedIndonesia’s purchasing power. However, the economic recovery in 2002, Indonesia’s purchasing powerreturned to pre-crisis levels. According to data from Central Statistics Bureau, per capita gross nationalincome (GNI) grew by an average of 16% per annum in Rupiah terms across 2001-2006.F-14
Overview of Indonesia and its EconomyFigure 1.7.2: GNI per capita (current prices), 2000-2005Million Rp16.014.012.010.08.06.04.02.0Per Capita GNIGrowth35%30%25%20%15%10%5%Percentage GrowthSource: Central Statistics Bureau0.02000 2001 2002 2003 2004 2005 2006Year0%Compared with other countries in the region, Indonesia recorded the strongest growth between 2000 and2005 in GNI per capita. Below is the comparison of Indonesia’s GNI per capita against various Asianeconomies, using the Atlas Method. The Atlas method smoothens exchange rate fluctuations by usingthree-year moving averages and price-adjusted conversion factors.Table 1.7.7 Indonesia and selected Asian countries’ GNI per capita,2000-2005 current prices (in US dollars)Country 2000 2001 2002 2003 2004 20055-yeargrowthChina . . . . . . . . . . . . . . . . . . . . 930 1,000 1,100 1,270 1,500 1,740 87.1%India . . . . . . . . . . . . . . . . . . . . . 450 460 470 530 620 720 60.0%Indonesia ................. 590 740 830 940 1,140 1,280 116.9%Malaysia . . . . . . . . . . . . . . . . . . 3,430 3,460 3,600 3,940 4,520 4,960 44.6%Philippines. . . . . . . . . . . . . . . . . 1,040 1,080 1,050 1,100 1,170 1,300 25.0%Singapore . . . . . . . . . . . . . . . . . 23,030 21,260 20,820 21,890 24,760 27,490 19.4%Thailand . . . . . . . . . . . . . . . . . . 1,990 1,950 1,970 2,150 2,490 2,750 38.2%Vietnam. . . . . . . . . . . . . . . . . . . 380 410 430 470 540 620 63.2%Based on World Bank Atlas, data are converted from national currency to US$ using the average nominalexchange rate for the year.Source: World Bank, World Development Indicators, 2006However, in order to obtain a like-for-like comparison of various economies, a purchasing power parity(PPP) approach is commonly used. PPP conversion takes into account differences in the prices of goodsand services, particularly non-tradables, and thereby provides a more accurate measure of the real valueof output produced by an economy, compared to other economies. Using the PPP method, Indonesia’sgrowth is below China’s and India’s.F-15
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LIPPO-MAPLETREEINDONESIA RETAIL TRU
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Metropolis Town SquareMall WTC Mata
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KeyInvestmentHighlightsStrong acqui
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Locked-in master leases with rental
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1. Mall WTC Matahari UnitsRetail Sp
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Notice to investorsNo person is aut
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Forward-looking statementsCertain s
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Market and industry informationThis
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SummaryThe following summary is qua
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a right of first refusal (the “RO
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• The management of all the Retai
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information was extracted are based
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2006. It is estimated that the urba
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Further, the Retail Malls are manag
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Key Information on the PropertiesA
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Location of the Properties in Indon
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INFORMATION ON THE PROPERTIESThe Re
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Pictures of Gajah Mada Plaza19
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Percentage of contribution to LMIRT
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Number of tenants as at 30 June2007
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Car parking lots . . . . . . . . .
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Occupancy rate as at 30 June 2007.
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Year of building completion . . . .
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NLA as at 30 June 2007 . . . . . .
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Year of building completion . . . .
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Appraised value by Knight Frank as
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NPI for Forecast Period 2007,Projec
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Note:(1) Based on Strata Titles Own
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Note:(1) Based on Kiosks Sale and P
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Appraised value by Colliers as at30
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Percentage of contribution to LMIRT
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Notes:(1) These 14 Singapore SPCs (
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(See “Strategy—Capital and Risk
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Operating Companies: PT Multi Nusan
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Payable by LMIR Trust(c) Any other
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The offeringLMIR Trust . . . . . .
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Lock-ups . . . . . . . . . . . . .
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Listing and Trading . . . . . . . .
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Singapore are made in accordance wi
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Forecast Period2007Projection Year2
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Risk factorsProspective investors s
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Risk factorssimilar tenancy terms.
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Risk factors• losses arising from
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Risk factorsacquisitions is limited
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Risk factorsafter the proposed plan
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Risk factorsIf the tenure of the un
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Risk factorsThe Properties may be s
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Risk factorsRenovation work or phys
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Risk factorsSuch compulsory acquisi
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Risk factorsthereby materially and
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Risk factorsinterpretation by the I
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Risk factors• broad market fluctu
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Ownership of UnitsPRINCIPAL UNITHOL
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DistributionsThe distributable inco
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Exchange rates and exchange control
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CapitalisationThe following table s
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Unaudited pro forma consolidated ba
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Profit forecast and profit projecti
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StrategyDate, to the extent that LM
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StrategyGiven that there is limited
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Strategyterm funding in a more cost
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Business and propertiesIn addition,
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Business and propertiestheir daily
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Business and propertiesValuationEac
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Business and propertiesThe followin
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Business and propertiesINFORMATION
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Business and propertiesother strata
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Business and propertiesBecause of t
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Business and propertieswell-known c
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Business and propertiesThe largest
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Business and properties“Overview
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Business and properties200 sq m and
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Business and properties• Mal Cima
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Business and propertiesTHE PLAZA SE
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Business and propertiesThe table be
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Business and properties• Epicentr
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Business and propertiesMAL LIPPO CI
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Business and propertiesPercentage o
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Business and propertiesfloor. The o
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Business and properties• Pangrang
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Business and propertiesBANDUNG INDA
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Business and propertiesAmendment to
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Business and propertiesISTANA PLAZA
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Business and propertiesThe Istana P
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Business and propertiesRelevant inf
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Business and propertiesAppraised va
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Business and propertiesDescriptionP
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Business and propertiesSun PlazaMed
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The Manager and corporate governanc
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The SponsorThe business structure o
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The Sponsorshopping, entertainment
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The SponsorKEY SHAREHOLDERS OF THE
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The formation and structure of LMIR
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Certain agreements relating to LMIR
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Overview of relevant laws and regul
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TaxationSINGAPORE TAX IMPLICATIONST
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Taxationbe applied to reduce the co
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TaxationOn the rental payments to t
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Plan of distributionThe Manager is
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Plan of distributionThe restriction
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Plan of distributionNote:(1) Includ
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Plan of distributionArticle 31, sec
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Plan of distributionUnited States o
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Clearance and settlementINTRODUCTIO
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General information(1) The profit f
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General information(f)(g)(h)Rule 74
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Glossary% Per centum or percentageA
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GlossaryColliersColliers Internatio
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GlossaryIndonesian SPCsInterested P
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GlossaryNPIOCBC BankNet property in
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GlossaryRetail Space Singapore SPCs
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GlossaryUnit Lending AgreementUnit
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Appendix AINDEPENDENT ACCOUNTANTS
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Appendix BINDEPENDENT ACCOUNTANTS
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Appendix BLIPPO-MAPLETREE INDONESIA
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Appendix BPro Forma Consolidated Ba
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Appendix B(D)Pro Forma Consolidated
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Appendix B(x)(xi)(xii)(xiii)(xiv)S$
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Appendix BCash and cash equivalents
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Appendix BLeased assets—Leases in
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Appendix Btemporary difference; and
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Appendix B• The Trustee, the Mana
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Appendix BDeferred income represent
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Appendix Bfinancial year exceeds th
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Appendix Bprice is to be negotiated
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Appendix B4. Bandung Indah PlazaPT
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Appendix CINDEPENDENT SINGAPORE TAX
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Appendix CGains on disposal of shar
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Appendix CDisposal of UnitsSingapor
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Appendix DINDEPENDENT INDONESIAN TA
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Appendix DD-3
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Appendix DD-5
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Appendix DD-7
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Appendix EINDEPENDENT PROPERTY VALU
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Appendix EReport No.017/WPA-Report/
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Page 365 and 366: Appendix EReport No.017/WPA-Report/
Page 377 and 378: Appendix ERef. No: V/2006/PKG/3819
Page 379 and 380: Appendix EVALUATION CERTIFICATEProp
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Page 401 and 402: Appendix EADDENDUM—STATEMENT OF A
Page 403 and 404: Appendix FINDEPENDENT REPORT ON THE
Page 405 and 406: TABLE OF CONTENTSREPORT INSTRUCTION
Page 407 and 408: Report instructionsAbout Jones Lang
Page 409 and 410: Executive summaryIMPLICATIONS FOR R
Page 411 and 412: Overview of Indonesia and its Econo
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Page 425 and 426: Retail Market OverviewTable 2.1.1 I
Page 427 and 428: Retail Market Overview2.3 Changing
Page 429 and 430: Retail Market Overviewretailers hav
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Page 433 and 434: Retail Market Overview2.7.5 Carrefo
Page 435 and 436: Retail Market OverviewIn view of th
Page 437 and 438: Overview of PortfolioAs the adminis
Page 439 and 440: Overview of PortfolioFigure 3.1.4:
Page 441 and 442: Overview of PortfolioFigure 3.2.2 B
Page 443 and 444: Overview of PortfolioFigure 3.2.4 S
Page 445 and 446: Overview of PortfolioFigure 3.2.6 M
Page 447 and 448: Overview of PortfolioFigure 3.3.1 L
Page 449 and 450: Overview of PortfolioMall WTC Matah
Page 451 and 452: Leased MallsFigure 4.1.1 Cibubur Ju
Page 453 and 454: Leased MallsTable 4.1.3 Major tenan
Page 455 and 456: Leased MallsTable 4.1.4 Cibubur Jun
Page 457 and 458: Leased Malls4.1.7 SWOT analysisTabl
Page 459 and 460: Leased Malls4.2 Plaza Semanggi4.2.1
Page 461 and 462: Leased Mallsnumber of international
Page 463 and 464: Leased MallsTaking the survey and t
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Leased Malls4.2.7 SWOT analysisTabl
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Leased Mallsterms of its very promi
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Leased MallsFigure 4.3.2 Bandung In
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Leased Malls• In terms of reasons
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Leased Mallsand approximately 38,00
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Leased MallsWhile BIP is likely to
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Leased MallsFigure 4.4.2 Istana Pla
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Leased Malls• The main reason sta
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Leased Malls• Cihampelas Walk is
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Leased MallsFigure 4.4.4: Istana Pl
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Leased MallsOn the completion of th
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Leased MallsThe target market for M
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Leased MallsThe current Hypermart e
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Leased MallsFigure 4.6.2 Gajah Mada
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Leased Malls• Of all the malls in
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Leased Mallshypermart. The centre a
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Leased Malls4.6.7 SWOT analysisTabl
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Leased MallsTable 4.6.7: Rental pos
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Leased Malls4.7.3 Tenant mixThe cur
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Leased Mallsprimarily the city of B
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Leased MallsTable 4.7.5: Main compe
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Retail Spaces Malls5. RETAIL SPACES
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Retail Spaces MallsIn addition, loc
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Retail Spaces MallsThe store target
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Retail Spaces MallsTable 5.3.1: Cen
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Retail Spaces MallsFigure 5.3.3: Gr
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Retail Spaces MallsThis relatively
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Retail Spaces MallsStrata title sho
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Retail Spaces MallsMadiun are locat
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Retail Spaces MallsFigure 5.6.3 Pla
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Retail Spaces MallsThe centre has t
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Appendix GTERMS, CONDITIONS AND PRO
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Appendix G(15) The Manager reserves
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Appendix GAdditional Terms and Cond
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Appendix G(10) By completing and de
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Appendix GAdditional Terms and Cond
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Appendix GWhere your Electronic App
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Appendix GApplication to the Manage
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Appendix GTerms and Conditions for
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Appendix HLIST OF PRESENT AND PAST
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Appendix H(6) Mr Tan Boon LeongCurr
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Appendix HCurrent DirectorshipsMapl
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Appendix HCurrent DirectorshipsMapl
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LIPPO-MAPLETREE INDONESIA RETAIL TR
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