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Retail Market Overview2.6 Retail provision and pipeline of shopping centresThe opening of the domestic retail industry to global players in 1998 has boosted the development of retailshopping malls in Indonesia. In the early post-crisis period (2000-2001), new retail developments wereconcentrated in Jakarta and its surrounding areas, but more recently other cities such as Surabaya,Medan, Bandung, Semarang, Palembang, Denpasar, Makassar and a number of secondary cities havewitnessed shopping centre development.In Greater Jakarta (which includes satellite cities such as Depok, Tangerang, Bekasi and Bogor), there arecurrently 130 shopping centres with a total stock of approximately 4.1 million sq.m, comprising leased andstrata-title retail space.With limited regulations governing where new supply can be established, new centres continue to be built,often as part of mixed use projects and often within close proximity to existing malls.Figure 2.6.1: Retail distribution by area and type600,000'000 Sq. m500,000400,000300,000200,000Leased MallsStrata-titled Malls100,0000CJ SJ NJ WJ EJ BGR BKS DPK TGRLocationSource: Jones Lang LaSalleNote: CJ: Central Jakarta; SJ: South Jakarta; NJ: North Jakarta; WJ: West Jakarta; EJ: East Jakarta,BGR: Bogor; BKS: Bekasi; DPK: Depok; TGR: TangerangIn Jakarta, existing shopping malls are concentrated in Central Jakarta, with around 30% of total stock,followed by South and North Jakarta with around 26% and 23% respectively. Existing shopping malls inWest and East Jakarta make up around 14% and 8% of total stock respectively.Outside Jakarta, most of the retail stock, about 40%, is concentrated in Tangerang, followed by Bekasi(26%) and Bogor (21%). Retail stock in Depok accounts for approximately 13% of the “outer Jakarta”stock.Over the next three years, 19 new shopping malls are set to enter the market in Jakarta, with total potentialstock of around 960,972 sq.m. Of this total stock, approximately 42% are Upper Grade, 39% are MiddleGrade and 19% are Lower Grade.A further eight retail projects outside of Jakarta have been proposed. These are planned for completion bythe end of 2008. They will potentially add approximately 234,600 sq.m of retail stock, of whichapproximately 58% and 42% are Middle Grade and Lower Grade respectively.Table 2.6.1: Proposed retail projects in greater jakarta areaA. Within JakartaCompletionyearName ofshopping centre Address Developer SectionNet lettablearea (sq.m)2007 . . . . . . . Grand Indonesia Jl. MH Thamrin Djarum Group Central Business108,000District (CBD)2007 . . . . . . . Citywalk Sudirman Jl. KH Mas Mansyur Duta Anggada Realty CBD 17,3002007 . . . . . . . Pacific Place Sudirman CBD PT Metropolitan MuliaPersadaCBD 75,000F-28
Retail Market OverviewCompletionyearName ofshopping centre Address Developer SectionNet lettablearea (sq.m)2007 . . . . . . . Gajah Mada Square Jl. Gajah Mada PT Lumbung Artha Gajah Mada 35,000Nugraha2007 . . . . . . . Pluit Junction Jl. Raya Pluit Indah Jakarta Propertindo Pluit 23,0002007 . . . . . . . Mal Kelapa Gading 5 Jl. Blvd Kelapa Gading Summarecon Kelapa Gading 13,0002007 . . . . . . . Jakarta City Center Jl. Kebon Kacang Raya PT Jakarta Realty Tanah Abang 58,960Phase 22007 . . . . . . . Retail @ Oakwood Mega Kuningan PT Cozmo International CBD 5,000Cozmo2008 . . . . . . . Mall of Indonesia Jl. Blvd Kelapa Gading PT Makmur Jaya Kelapa Gading 110,000Lestari2008 . . . . . . . Main Street Gandaria Jl. Sultan Iskandar Pakuwon Kebayoran 94,000Muda2008 . . . . . . . Season’s City Jl. Latumenten Podomoro Grogol 40,0002008 . . . . . . . Plaza Indonesia Jl. MH Thamrin Plaza Indonesia Realty CBD 25,386Extension2008 . . . . . . . ITC Pasar Minggu Jl. Pasar Minggu Surya Internusa Pasar Minggu 40,0002008 . . . . . . . Blok M Square Jl. Melawai Raya PT Melawai Jaya Blok M 80,326Realty2008 . . . . . . . Kota Kasablanka Jl. Prof Dr Satrio Pakuwon CBD 62,0002009 . . . . . . . Kemang Village Jl. P. Antasari Lippo Karawaci Kemang 65,0002009 . . . . . . . Emporium Jl. Pluit Raya PT Griya Emas Sejati Pluit 63,0002009 . . . . . . . Epicentrum Walk Jl. HR Rasuna Said PT Bakrie Swasakti CBD 26,200Utama2009 . . . . . . . Galeria Glodok Jl. Hayam Wuruk Duta Anggada Realty Glodok 19,800SUB TOTAL WITHIN JAKARTA ........................................................ 960,972Source: Jones Lang LaSalleB. Outside JakartaCompletionyearName ofshopping centre Address Developer SectionNLA(sq.m)2007 . . . . . . . E-Center Lippo Karawaci PT Supermal Karawaci Karawaci 9,0002007 . . . . . . . CBD Ciledug Jl. HOS Cokroaminoto PT Sari Indah Lestari Ciledug 12,6002007 . . . . . . . Pondok Gede Plaza 2 Jl. Raya Pondok Gede PT Budi Kencana Pondok Gede 20,000Megah Jaya2007 . . . . . . . Soewarna Junction Jl. Tol Prof. Sedyatmo PT SanggrahaCengkareng 7,000Daksamitra2007 . . . . . . . Summarecon Mal Summarecon Serpong PT. Summarecon Serpong 40,000Serpong Ph. 1Serpong2008 . . . . . . . Cibinong Town Center Jl Raya Bogor PT Jaya AbadiCibinong 9,000Propertindo2008 . . . . . . . Blue Mall Jl. Chairil Anwar PT Rekapastika Asri Bekasi Timur 80,000n/a . . . . . . . . Bekasi Square Jl. Achmad Yani PT Kilap Propertindo Bekasi Barat 57,000SUB TOTAL OUTSIDE JAKARTA. .........................................................234,600Source: Jones Lang LaSalle2.7 Retail sales performanceAlong with the growth of modern retailers, retail sales have also grown at a healthy pace. Most majorplayers, both local and foreign, have enjoyed positive revenue growth over the past five years. Based ondata from selected major public-listed retailers, total sales grew at an average of 14% per annum between2002 and 2006.F-29
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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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Appendix ERef. No: V/2006/PKG/3819
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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
Page 425 and 426: Retail Market OverviewTable 2.1.1 I
Page 427 and 428: Retail Market Overview2.3 Changing
Page 429: Retail Market Overviewretailers hav
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
Page 471 and 472: Leased MallsFigure 4.3.2 Bandung In
Page 473 and 474: Leased Malls• In terms of reasons
Page 475 and 476: Leased Mallsand approximately 38,00
Page 477 and 478: Leased MallsWhile BIP is likely to
Page 479 and 480: 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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