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

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Leased Malls• There is a small but growing commercial precinct at Cibubur servicing the local community. Thisincludes Plaza Cibubur, Mal Citra Gran and some traditional retailing along Jl. Trans Yogie. Mal CitraGran, which opened in 2001, is located 5 kilometres from CJ, has an NLA of 10,900 sq.m and isanchored by Hero Supermarket. Plaza Cibubur, located 3 kilometres from CJ, also opened in 2001 andhas an NLA of 17,000 sq.m, with Superindo Supermarket as its anchor tenant. These two retail mallsmostly target their immediate population catchments and, reflective of the absence of a departmentstore anchor, serve more as convenience shopping centres as opposed to being a destination mall.The future outlook for trading prospects at CJ is positive, supported by there being very little additionalretail facilities proposed to be added to the trade area in the short term.There are a number of retail projects targeting middle income households currently under construction inJakarta, such as Gajah Mada Square (due to open in the third quarter 2007), Mall of Indonesia (due toopen in the first quarter 2008, and Emporium (due to open in the second quarter of 2009), which will add acombined 378,000 sq.m of retail floor space to the Jakarta retail market by the end of 2009. However, giventhe distance of these projects from the subject site, and the continued population growth expected in CJ’strade area, these new centres are expected to have a negligible impact on the performance of the subjectsite.The potential threat for CJ is the possibility of the development of a centre which also targets middle-upperincome households in its trade area. While this threat has not yet materialised, it is possible that adeveloper may seek to capitalise on the strong rise in the resident population which falls within thislucrative market segment and compete with CJ in its immediate vicinity.Table 4.1.5 Main competition, Cibubur JunctionCentre nameDistance fromCibuburJunctionTypeNLA(sq.m)YearopenedAnchor tenantsPondok Indah Mall . . . . . 23 km Lease 100,500 1996 Sogo, Sogo Food Hall,Metro, HeroDepok Town Square. . . . 10 km Strata 59,000 2005 Matahari Dept. Store,HypermartMargo City . . . . . . . . . . . 10 km Lease 49,000 2006 Giant, Centro Dept. Store,Platinum CineplexGraha Cijantung. . . . . . . 11 km Lease 45,000 1997 Hero Supermarket,Ramayana Dept. Store,Studio 21Tamini Square . . . . . . . . 9 km Strata 35,000 2006 Carrefour, Cahaya Dept.StoreMal Depok . . . . . . . . . . . 10 km Lease 28,000 1997 Matahari Dept. Store andSupermarketITC Depok . . . . . . . . . . . 10 km Strata 25,351 2005 CarrefourPlaza Cibubur . . . . . . . . 3 km Lease 17,000 2001 Superindo Supermarket,Karisma Book StoreMal Cimanggis . . . . . . . . 6 km Lease 12,000 2003 Naga supermarketMal Citra Gran . . . . . . . . 5 km Lease 10,900 2001 Hero SupermarketCileungsi Trade Centre. . 8 km Strata 10,000 2004 N/ASource: Jones Lang LaSalle Research and ConsultingF-54
Leased Malls4.1.7 SWOT analysisTable 4.1.6 provides a summary of the strengths, weaknesses, opportunities and threats for CJ.Table 4.1.6 SWOT analysis, Cibubur JunctionStrengthsThe centres has a strong and appropriate tenancy mix forits customer base with a good range of internationallyrecognised retailers sought after by middle to middle-upperincome consumersThe centres contains a good lifestyle offering which reflectsthe needs of its relatively young customer base, includingfood and beverage outlets, Fitness First, cinemas andTimezoneCJ also performs well as a destination for non-discretionaryshopping, containing the second best performingHypermart in Jakarta with a high spend per customerThe lack of competition in the region targeting middle toupper income residents makes CJ the leading retaildestination amongst its target marketWeaknessesShortage of parking, particularly onweekendsThe current occupancy level, at 86.4%of NLA, is above the industry averagebut below the level for a ‘strong’ centre.In particular, the higher secondary mallsappear to be underperformingcompared with the rest of the centreOpportunitiesFurther reduce escape expenditure from the middle-upperincome residents that frequent centres closer to JakartaReduce overall vacancy by reconfiguring the mall toincrease NLA and introduce new tenants (such as anelectronics store) that “complete” the retail offer andreinforce the zoning strategyExtending the Matahari Department store by 2,000 sq.mshould also assist in improving the performance ofunderperforming secondary malls on upper levelsThe centre can increase car parking space via the use ofadjoining landSource: Jones Lang LaSalle Research and ConsultingThreatsFuture shopping centre developmentmay emerge to capitalise on thegrowing middle to middle-upper marketin the region that CJ currentlydominates4.1.8 Future outlookThere is considerable upside for the trading performance in the short to medium term at CJ. New housingestates (both existing and proposed) are increasing the pool of middle and middle to upper incomehouseholds within the centre’s trade area. Following the opening of the centre in mid 2005, which led to asignificant reduction in spending by middle to upper income residents at centres outside the trade area infavour of CJ, further opportunities exist to reduce the escape expenditure that is directed towards otherretail centres closer to Central Jakarta.The expansion of the Matahari Department store provides an opportunity to improve traffic flow in thesecondary mall on level two, one of the areas in the centre where vacancy and shopper traffic flows are stilla concern. Furthermore, it is understood that negotiations are in advanced stages with a major electronicsretailer to be located on the lower ground floor. These major new additions to the retail offer could beexpected to decrease the overall vacancy rate in the mall, improve the trading performance of associatedspecialty retailers and also provides the opportunity to further enhance the tenancy mix of the centre.F-55
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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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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
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 and 430: Retail Market Overviewretailers hav
Page 431 and 432: Retail Market OverviewCompletionyea
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: Leased MallsTable 4.1.4 Cibubur Jun
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
Page 481 and 482: Leased Malls• The main reason sta
Page 483 and 484: Leased Malls• Cihampelas Walk is
Page 485 and 486: Leased MallsFigure 4.4.4: Istana Pl
Page 487 and 488: Leased MallsOn the completion of th
Page 489 and 490: Leased MallsThe target market for M
Page 491 and 492: Leased MallsThe current Hypermart e
Page 493 and 494: Leased MallsFigure 4.6.2 Gajah Mada
Page 495 and 496: Leased Malls• Of all the malls in
Page 497 and 498: Leased Mallshypermart. The centre a
Page 499 and 500: Leased Malls4.6.7 SWOT analysisTabl
Page 501 and 502: Leased MallsTable 4.6.7: Rental pos
Page 503 and 504: Leased Malls4.7.3 Tenant mixThe cur
Page 505 and 506: 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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