LIPPO-MAPLETREE - Lippo Malls Indonesia Retail Trust - Investor ...

Overview of PortfolioAs the administrative centre of Indonesia, Jakarta’s economy is based on finance and commerce andattracts a particularly high level of foreign investment compared to other parts of Indonesia. Income percapita is high partly driven by a large number of expatriates living in the city, as well as the types ofemployment available in the area.At the time of the most recent census, the population of Jakarta was 7.5 million. Despite rapid urbanisationover the past 40 years (with population at just 1.2 million people in 1960), and strong growth for Indonesiaas a whole, population in Jakarta has been declining over the past five years. This is a result of a decline inthe population of Central Jakarta, driven by the changing composition of the city from relatively high levelsof residential accommodation to an increasing mix of office development, convention centres and hotels.Over the next five years, the population of Jakarta is expected to start increasing, with particularly stronggrowth in South Jakarta.Figure 3.1.1 JakartaSource: Jones Lang LaSalle Research and Consulting3.1.2 West JavaWest Java is the most populous province of Indonesia, with around 39 million people. The capital,Bandung, is located in a mountainous region of the province, approximately 128 kilometres southeast ofJakarta. Around 2 million people are resident in Bandung.The economy is based around manufacturing and agriculture, with this contributing around 50% of GRDPin 2001. Manufacturing is expected to continue to take an even greater role in the local economy as theagricultural sector contracts. At present, 60% of Indonesian manufacturing industries are located in WestJava.F-35