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Overview of Indonesia and its EconomyLooking ahead, the EIU expects the nominal Rupiah exchange rate will weaken marginally to an average ofRp. 9,212 in 2007, with a further decline to Rp. 9,422 in 2008. In real terms, the Rupiah is expected to befairly stable against the US dollar in 2007-08. The Rupiah will remain exposed to the risk of volatility duringthe EIU’s forecast period, as large inflows of foreign portfolio funds in 2006 have left the Rupiah vulnerableto short-term perceptions of political risk.1.7.9 InflationInflation in Indonesia remains relatively high compared to other South East Asian economies. A majorcontributing factor in the past two years has been the sharp rise in energy prices.The crisis in 1997 led to severe inflation in 1998 and 1999, driven by the collapse of the Rupiah and therapid movement of money supply to the banking sector. However, in 1999, the return of macroeconomicstability, together with subdued economic growth, reduced inflation to around 2%, which at around 9% inthe following five years. The government’s decision to increase fuel prices by an average of 125% inOctober 2005 caused inflation to increase significantly to 17%. Inflation improved to 7% in 2006. Below isthe comparison table of average annual inflation between Indonesia and selected Asian countries.Table 1.7.11 Consumer price inflation, 1996-2006 average annual% growthCountry 96 97 98 99 00 01 02 03 04 05 06Brunei . . . . . . . . . . . . . 2.0 1.7 (0.4) 0.0 1.2 0.6 (2.3) 0.3 0.9 1.1 0.5China . . . . . . . . . . . . . 8.3 2.8 (0.8) (1.4) 0.4 0.7 (0.8) 1.2 3.9 1.8 1.5India . . . . . . . . . . . . . . 8.8 7.4 13.2 4.7 3.9 3.7 4.5 3.7 3.9 4.0 5.6Indonesia .......... 7.0 6.2 58.0 20.7 3.8 11.5 11.8 6.8 6.1 10.5 13.0Malaysia . . . . . . . . . . . 3.5 2.6 5.1 2.8 1.6 1.4 1.8 1.1 1.4 3.0 3.8Pakistan . . . . . . . . . . . 10.8 11.8 7.8 5.7 3.6 4.4 2.5 3.1 4.6 9.3 7.9Philippines. . . . . . . . . . 9.1 5.9 9.7 6.4 4.0 6.8 2.9 3.5 6.0 7.6 6.7Thailand . . . . . . . . . . . 5.9 5.6 8.1 0.3 1.6 1.7 0.6 1.8 2.8 4.5 4.9Vietnam . . . . . . . . . . . 5.7 3.2 7.7 4.2 (1.6) (0.4) 4.0 3.2 7.7 8.2 7.6Source: World Bank, World Development Indicators, 2006Note: data for Indonesia refers to urban areas/selected cities onlyStable international oil prices and a relatively strong Rupiah are expected to help contain inflationarypressures in 2007, despite stronger economic growth. As a result, the EIU has forecast CPI will average6.9% in 2007 and 6.1% in 2008. Drought and an import ban may place upward pressure on rice prices in2007. Wage pressures in 2007-08 should be subdued, given relatively high unemployment and easinginflationary pressures.1.8 Population growth and demographics1.8.1 Population growthIndonesia is the fourth most populous country in the world after China, India and the USA. The 2000Census recorded the population at 201 million, with the Central Bureau of Statistics (BPS) estimating thatthe population had risen to 222 million in 2006. Population growth has slowed considerably, averaging1.5% per annum throughout the 1990s, a result of successful family planning programs that havesubstantially reduced the fertility rate.About 95% of the population is of Malay origin, with over 300 minority groupings, including theMelanesians, Polynesians and Micronesians as well as the estimated 4 million of ethnic Chinese. Themost common religion practiced is Islam (87%), followed by Christianity (10%), Hinduism (2% mainly inBali) and Buddhism (1%).The gender profile of Indonesia is well balanced, with approximately 101 million males and 100 millionfemales based on the 2000 National Census. Most of the population was classified as of working-age(between 15-64 years old). However, among the working-age population, the majority were aged between15 and 45 years, accounting for over 51% of Indonesia’s total population. Combined with 30% of theF-18
Overview of Indonesia and its Economypopulation aged under 15 years of age, the country has a huge pool of human resources to draw upon inthe short to medium term.Table 1.8.1 Indonesia—population by gender and age, 2000Age group Male Female Total % of total0-15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,191 31,060 63,251 30.7%15-25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,886 21,921 42,807 20.8%25-45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,201 31,210 62,411 30.3%45-65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,358 13,682 28,040 13.6%65+......................................... 4,788 4,582 9,370 4.6%Total. ....................................... 103,424 102,455 205,879 100%Source: Central Bureau of Statistics (BPS), 2000 CensusPopulation growth is forecast to average 1.4% per annum between 2006 and 2010. This lower growth rateshould prove positive in the longer term as it places less strain on public services and infrastructure, reducenew entrants to the labour market (currently nearly 2.5 million a year) and eventually facilitate higher levelsof GDP per capita. Increased life expectancy, and falling birth and death rates will lead to a steady ageing ofthe population, and this is expected to change consumption patterns over the long run.Table 1.8.2 Forecast of demographic profile, 2000-2010Population (m) 2000 2005 2010Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205.8 242 258.8Male . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103.4 120.8 129.2Female . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102.4 121.2 129.6Age profile (% of total population)0-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.7 29.1 27.615-64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64.7 65.7 66.665+......................................................... 4.6 5.2 5.8Age profile (% of total population) 2000 2005 2010Young-age dependency ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.47 0.44 0.41Old-age dependency ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.07 0.08 0.09Working-age population (million) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145.6 158.9 172.3Urbanisation (% of total) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 47.9 53.2Labour force (million) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.7 106.5 115.5Period averages 2001-05 2006-10Population growth (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1.4Working-age population growth (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 1.6Labour force growth (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 1.6Crude birth rate (per 1,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.9 19.5Crude death rate (per 1,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 6.1Infant mortality rate (per 1,000 live births) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.1 32.1Source: Economist Intelligence Unit estimates and forecasts, February 2007, Central Statistics Bureau(BPS), International Labour Organisation (ILO), labour force projections; National Statistics1.8.2 DistributionIndustrial development in Indonesia has resulted in large-scale migration to urban areas. In 2005, 46% ofthe population were living in cities, compared with 31% in 1990 and 22% in 1980. As a result, thepopulation distribution remains highly uneven. Despite attempts from the government to ease congestionin Java, Bali and Madura through transmigration programs, 61% of Indonesians still live on these threeislands, which constitute only around 7% of Indonesia’s land surface area. In 2004, the population densityof Java island stood at an estimated 1,009 people per square kilometre (sq.km), while in Jakarta, theF-19
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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 369 and 370: Appendix EReport No.017/WPA-Report/
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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
Page 465 and 466: Leased Malls• There are two major
Page 467 and 468: Leased Malls4.2.7 SWOT analysisTabl
Page 469 and 470: 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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