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Leased MallsTable 4.2.1 Centre details, The Plaza SemanggiCharacteristicsAddress . . . . . . . . . . . . . . . . . . Jl. Jend. Sudirman Kav. 50, Karet Semanggi, JakartaYear Opened. . . . . . . . . . . . . . . 2003Last Refurb/Extension . . . . . . . . NANLA (sq.m): . . . . . . . . . . . . . . . 58,685 (retail and office)(61,685 following extension)Site Area (sq.m): . . . . . . . . . . . . 19,000 (approximately)CarParking................ 1,100Motor Cycle Parking . . . . . . . . . 750Levels . . . . . . . . . . . . . . . . . . . . 7 (retail), 13 (office), 7 (parking), 2 (basement)Opening Hours . . . . . . . . . . . . . Weekdays: 10am - 10pmWeekends: 10am - 10pmOccupancy Rate . . . . . . . . . . . . 96.4% (as at 30 June 2007)Major Retail Tenants:Name% NLACentro Department Store . . . . . 13.3%Giant Hypermarket . . . . . . . . . . 10.6%Electronic Solution . . . . . . . . . . 7.2%Fitness First . . . . . . . . . . . . . . . 3.6%Gramedia . . . . . . . . . . . . . . . . . 3.0%Gillian’s Billiard . . . . . . . . . . . . . 1.7%Other Key Retailers . . . . . . . . . .Ajisen Ramen, Balai Sabrini, Gillian’s Billiard, Giordano,Gloria Jeans, Pizza Hut, StarbucksTotal Retail Tenancies . . . . . . . . 456Shopper Traffic . . . . . . . . . . . . . Weekdays: 53,000 Weekends: 60,000Source: Jones Lang LaSalle Research and Consulting, PT. Lippo Karawaci, TbkTable 4.2.2 Major tenants as at 30 June 2007, The Plaza SemanggiTenantExpiry date% Grossmonthly rentCentro Department Store . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-Nov-2013 8.6%Giant Hypermarket . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-Feb-2019 5.6%Electronic Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31-Oct-2011 5.0%Fitness First . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17-May-2020 2.5%Gramedia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30-Nov-2010 1.8%Gillian’s Billiard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19-Jul-2009 1.5%Other tenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75.0%Total Centre ............................................. 100.0%Source: Jones Lang LaSalle Research and Consulting, PT. Lippo Karawaci, Tbk4.2.3 Tenant mixThe PS possesses a good tenancy mix. The centre is anchored by the only Centro department storelocated in Jakarta and a Giant hypermarket. In addition, the centre contains a mix of traditional short-leasespecialty stores, including a number targeting the middle to middle upper segments, as well as long-leasespecialty stores across two precincts in the mall. Table 4.2.3 summarises the tenancy mix by level at ThePS.The lower ground floor is tenanted by Giant hypermarket and the ground floor includes food and beverage,retail services, gifts, and health and beauty outlets. The ground floor also comprises a variety of smalltenants (typically 5 sq.m to 10 sq.m) occupying space over a long lease structure (generally 30 years).The Centro department store anchors three levels, namely the upper ground level, level one and level two,while Fitness First also occupies space across these three levels. The upper ground floor contains aF-58
Leased Mallsnumber of international fashion retailers to complement the department store and cater for middle tomiddle-upper segment visitors. High profile tenants on the upper ground level include Planet Surf,Giordano, Adidas and Da Vinci jewellery. Starbucks, Bread Talk and a number of optical retailers arealso located on the upper ground floor.The first floor mainly covers fashion, including accessories and shoes. The second level has a focus onmobile phones, electronics and computers. This level includes long lease tenants, the majority of which arealso focused on small electronics.The third level is dominated by homewares and furniture retailers, some of which are also on a long leasestructure. Duck King, a popular local restaurant, is also on the third level. Level 3A is the location of thecentre’s main food and beverage offering, including a traditional food court with small ‘hawker’ styleretailers and a restaurant precinct. The restaurant precinct includes traders with internal seating andenhanced ambience. The fifth level is the location of the centre’s cinema complex.Table 4.2.3 Tenancy mix of retail component by level, The Plaza SemanggiLevelTenant mixLower Ground Floor. . . . . . . . . . Giant (hypermarket)Ground Floor . . . . . . . . . . . . . . . Food and beverage, retail services, gifts, health and beautyUpper Ground Floor. . . . . . . . . . Centro (department store), Fitness First, fashion accessories,fashion, health and beautyFirst . . . . . . . . . . . . . . . . . . . . . Centro (department store), Fitness First, fashion, fashionaccessories, textilesSecond . . . . . . . . . . . . . . . . . . . Centro (department store), Fitness First, computers, mobilephones, electronicsThird . . . . . . . . . . . . . . . . . . . . . Homewares, FurnitureLevel 3A . . . . . . . . . . . . . . . . . . Food and beverageFifth . . . . . . . . . . . . . . . . . . . . . 21 CineplexSource: Jones Lang LaSalle Research and Consulting4.2.4 Target marketThe PS primarily targets the growing number of consumers within Greater Jakarta that fall within themiddle and middle to upper income segments. In particular, the presence of Centro, a less common butmore upmarket department store, allows the centre to uniquely cater for this market. The centre contains agood mix of well known national and international retailers and has an excellent lifestyle offering whichincludes Fitness First and 21 Cineplex. It also has a very strong food and beverage offering.Given the PS’ strategic location, the centre is a focal meeting point for a wide range of visitors in the city,with its tenant mix suitable for a broader range of customer segments. For example, long-lease tenantslocated in the mall has broaden the centre’s appeal and the food court broadly targets the local market.4.2.5 Trade area analysisTo assist with the definition of trade areas, a market research survey of visitors to the major leased mallswas undertaken in February and March 2007. A total of seven (7) centres were included in the study. Thesurveying was conducted by TNS on behalf of Jones Lang LaSalle for the purposes of this assessment.The main findings of the market research in relation to the profile of shoppers at The PS are as follows:• Visitors to The PS are relatively young (91% of those surveyed are younger than 35 years of age);• While the majority (i.e. more than 60%) nominate their ethnicity as Melayu, the centre also attracts ahigh proportion of Chinese visitors;• The survey indicated that weekend visits to The PS is only slightly higher than weekday visits, whichreflects the surrounding workforce and student population supporting pedestrian counts on weekdays;• Shopper traffic is particularly high in the early and late afternoon (between 12:00 and 15:00 and againbetween 16:00 and 19:00), which reflects the strength of lunch time trading as a result of the surroundingF-59
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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
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TABLE OF CONTENTSREPORT INSTRUCTION
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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 and 456: Leased MallsTable 4.1.4 Cibubur Jun
Page 457 and 458: Leased Malls4.1.7 SWOT analysisTabl
Page 459: Leased Malls4.2 Plaza Semanggi4.2.1
Page 463 and 464: Leased MallsTaking the survey and t
Page 465 and 466: Leased Malls• There are two major
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 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
Page 507 and 508: Leased MallsTable 4.7.5: Main compe
Page 509 and 510: 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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