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

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Bandung Indah PlazaJalan Merdeka No. 56, Bandung, West JavaBrief description . . . . . . . . . . . . . . . . Bandung Indah Plaza is a four storey with three basement levelsretail mall with a carpark comprising 602 parking lots. It is locatedstrategically in the heart of the CBD of Bandung, the fourth mostpopulous city in Indonesia. The retail mall is easily accessiblefrom Jalan Merdeka, a major road which connects NorthBandung to South Bandung, and is surrounded bycommercial buildings and middle to upper income residentialareas. It is also attached to Hyatt Regency Hotel, one of theleading five-star hotels in Bandung. Bandung Indah Plaza isanchored by Matahari Department Store, Hypermart, YogyaSupermarket, a bookstore, a cinema and supported by a listof international and local tenants. It has recently completed aS$12.6 million expansion and renovation programme.Population catchment . . . . . . . . . . . . 124,947 households (1)Title . . . . . . . . . . . . . . . . . . . . . . . . . .28Bandung Indah Plaza is owned by PT Megah Semesta Abadiand was built pursuant to a BOT Scheme based on cooperationagreement on the renovation, development and management ofHotel Pakunegara, Bandung (Perjanjian Kerjasama PemugaranPembangunan dan Pengelolaan Hotel Pakunegara) betweenPerusahaan Daerah Jasa Dan Kepariwisataan Propinsi JawaBarat, and formerly known as Perusahaan Daerah Kerta WisataJawa Barat) and PT Bhuwanatala Indah Permai Tbk (formerlyknown as PT Bandung Indah Plaza Permai) (“Bandung IndahPlaza Cooperation Agreement”) and was novated by anovation agreement to PT Megah Semesta Abadi fromPT Bhuwanatala Indah Permai Tbk. on 29 December 2003.The Bandung Indah Plaza Cooperation Agreement, itsamendments and the novation agreement are jointly referredto as the “Bandung Indah Plaza BOT Agreement”.The term of the Bandung Indah Plaza BOT Agreement is for30 years as of the commencement of commercial operation andwill expire on 31 December 2030 and may be extended.The BOT Grantor has granted the BOT Grantee, the owner ofBandung Indah Plaza, the right to apply for a HGB title on top ofits HPL title. (See “Business and Properties—InformationRegarding the Title of the Properties—Hak Pengelolaan(“HPL”) titles”.)Bandung Indah Plaza was built on the following:(a)(b)HGB title No. 26/Citarum valid up to 19 August 2010; andThe HGB titles on top of HPL titles are as follows:(i)(ii)(iii)HGB titles No. 130/Citarum, No. 131/Citarum, andNo. 64/Citarum, valid up to 20 October 2017;HGB titles No. 65/Citarum and No. 69/Citarum,valid up to 8 September 2019; andHGB titles No. 89/Merdeka and 90/Merdeka, validup to 30 January 2021.Upon the expiry of the above HGB titles, the term of the HGBtitles can, subject to the provisions of the BOT Agreement, beextended for another term of up to 20 years. (See “Overview ofRelevant Laws and Regulations in Indonesia—Rights to Own
Year of building completion . . . . . . . . 1990Appraised value by Knight Frank as at30 June 2007 . . . . . . . . . . . . . . . . . . S$124.5 millionAppraised value by Colliers as at30 June 2007 . . . . . . . . . . . . . . . . . . S$135.1 millionand/or to Use—Hak Guna Bangunan (HGB/Right to Build)” and“Overview of Relevant Laws and Regulations in Indonesia—Rights to Own and/or to Use—Hak Pakai (HP/Right to Use)”.)The HPL titles are valid as long as the land is being used.(See “Business and Properties—Bandung Indah Plaza”.)Land Area . . . . . . . . . . . . . . . . . . . . .GFA as at 30 June 2007 . . . . . . . . . .15,779 sq m55,196 sq mNLA as at 30 June 2007 . . . . . . . . . . 26,472 sq m (2)NPI for Forecast Period 2007,Projection Year 2008 and ProjectionYear 2009 (S$’000) . . . . . . . . . . . . . . Forecast Period 2007—5,668Percentage of contribution to LMIRTrust’s Gross Rent for Forecast Period2007 . . . . . . . . . . . . . . . . . . . . . . . . . 14.4%Number of tenants as at 30 June2007 . . . . . . . . . . . . . . . . . . . . . . . . . 180Occupancy rate as at 30 June 2007. . 83.2%Projection Year 2008—11,756Projection Year 2009—12,811Key anchors / tenants . . . . . . . . . . . .Matahari Department Store, Hypermart, McDonald’s, YogyaSupermarket and Toko Gunung Agung bookstoreCar parking lots . . . . . . . . . . . . . . . . . 602Motorcycle parking lots . . . . . . . . . . . 700Notes:(1) The figure comprises the number of households within the primary trade area of the relevant RetailMall. (See “Appendix F—Independent Report on the Indonesian Retail Property Market”.)(2) Recently completed asset enhancement works have increased the NLA by 3,843 sq m, bringing thetotal NLA to 30,315 sq m.Pictures of Bandung Indah Plaza29
Page 1 and 2: LIPPO-MAPLETREEINDONESIA RETAIL TRU
Page 3 and 4: Metropolis Town SquareMall WTC Mata
Page 5 and 6: KeyInvestmentHighlightsStrong acqui
Page 7 and 8: Locked-in master leases with rental
Page 9 and 10: 1. Mall WTC Matahari UnitsRetail Sp
Page 11 and 12: Notice to investorsNo person is aut
Page 13 and 14: Forward-looking statementsCertain s
Page 15 and 16: Market and industry informationThis
Page 17 and 18: SummaryThe following summary is qua
Page 19 and 20: a right of first refusal (the “RO
Page 21 and 22: • The management of all the Retai
Page 23 and 24: information was extracted are based
Page 25 and 26: 2006. It is estimated that the urba
Page 27 and 28: Further, the Retail Malls are manag
Page 29 and 30: Key Information on the PropertiesA
Page 31 and 32: Location of the Properties in Indon
Page 33 and 34: INFORMATION ON THE PROPERTIESThe Re
Page 35 and 36: Pictures of Gajah Mada Plaza19
Page 37 and 38: Percentage of contribution to LMIRT
Page 39 and 40: Number of tenants as at 30 June2007
Page 41 and 42: Car parking lots . . . . . . . . .
Page 43: Occupancy rate as at 30 June 2007.
Page 47 and 48: NLA as at 30 June 2007 . . . . . .
Page 49 and 50: Year of building completion . . . .
Page 51 and 52: Appraised value by Knight Frank as
Page 53 and 54: NPI for Forecast Period 2007,Projec
Page 55 and 56: Note:(1) Based on Strata Titles Own
Page 57 and 58: Note:(1) Based on Kiosks Sale and P
Page 59 and 60: Appraised value by Colliers as at30
Page 61 and 62: Percentage of contribution to LMIRT
Page 63 and 64: Notes:(1) These 14 Singapore SPCs (
Page 65 and 66: (See “Strategy—Capital and Risk
Page 67 and 68: Operating Companies: PT Multi Nusan
Page 69 and 70: Payable by LMIR Trust(c) Any other
Page 71 and 72: The offeringLMIR Trust . . . . . .
Page 73 and 74: Lock-ups . . . . . . . . . . . . .
Page 75 and 76: Listing and Trading . . . . . . . .
Page 77 and 78: Singapore are made in accordance wi
Page 79 and 80: Forecast Period2007Projection Year2
Page 81 and 82: Risk factorsProspective investors s
Page 83 and 84: Risk factorssimilar tenancy terms.
Page 85 and 86: Risk factors• losses arising from
Page 87 and 88: Risk factorsacquisitions is limited
Page 89 and 90: Risk factorsafter the proposed plan
Page 91 and 92: Risk factorsIf the tenure of the un
Page 93 and 94: 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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Appendix EVALUATION CERTIFICATEProp
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Appendix EPropertiesLandarea (m 2 )
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Appendix EADDENDUM—STATEMENT OF A
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Appendix FINDEPENDENT REPORT ON THE
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TABLE OF CONTENTSREPORT INSTRUCTION
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Report instructionsAbout Jones Lang
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Executive summaryIMPLICATIONS FOR R
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Overview of Indonesia and its Econo
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Retail Market OverviewTable 2.1.1 I
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Retail Market Overview2.3 Changing
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Retail Market Overviewretailers hav
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Retail Market OverviewCompletionyea
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Retail Market Overview2.7.5 Carrefo
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Retail Market OverviewIn view of th
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Overview of PortfolioAs the adminis
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Overview of PortfolioFigure 3.1.4:
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Overview of PortfolioFigure 3.2.2 B
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Overview of PortfolioFigure 3.2.4 S
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Overview of PortfolioFigure 3.2.6 M
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Overview of PortfolioFigure 3.3.1 L
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Overview of PortfolioMall WTC Matah
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Leased MallsFigure 4.1.1 Cibubur Ju
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Leased MallsTable 4.1.3 Major tenan
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Leased MallsTable 4.1.4 Cibubur Jun
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Leased Malls4.1.7 SWOT analysisTabl
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Leased Malls4.2 Plaza Semanggi4.2.1
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Leased Mallsnumber of international
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Leased MallsTaking the survey and t
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Leased Malls• There are two major
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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 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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