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

Leased Mallsterms of its very prominent and central geographic location, and centre management has proactivelysought to capitalise on its positioning by exploring innovative ways to increase centre income.Overall, The PS is considered to be well placed to face new competitive threats, build upon its existingmarket and maximise its trading (and, therefore, its income producing) potential.4.3 Bandung Indah Plaza4.3.1 Regional context and local economyBandung is the capital of West Java Province, the most populous province in Indonesia. It is locatedapproximately 128 kilometres southeast of Jakarta and is connected to Jakarta by a toll road.The metropolitan area occupies an elevated basin some 770 metres above sea level, giving Bandung arelatively pleasant, cool climate.Bandung has a strong association with its Dutch colonial past. The Dutch influence can be seen throughthe Dutch colonial architecture prevalent in Bandung.Bandung is also famous for its textile industry, with numerous international labels having set up factories inthe region. The city has become a popular weekend destination for residents from Jakarta, who are drawnto the factory outlets selling internationally famous designer brands and local designers’ clothes at lowprices.Bandung has nearly 50 higher educational institutions, including numerous universities that attractstudents from throughout Indonesia and overseas. The most famous and oldest university is theBandung Institute of Technology, which was established in 1920. Other well known institutions includethe University of Parahyangan and the University of Pajajaran.Other industries associated with the Bandung region include agriculture (rice, tea etc.) and high-techindustries (aircraft, military and telecommunications).As at the 2000 National Census, the population of West Java was 35.7 million. This excludes the westernpart of the province, which was split in 2000 to form the province of Banten, and Jakarta, which is its ownprovince. In 2006, the Bandung municipality had a population of approximately 2.3 million.4.3.2 DescriptionBandung Indah Plaza (BIP) is a four level shopping centre with three basements. It is located in the heart ofthe Bandung CBD. The centre comprises two buildings and was developed in conjunction with theadjoining Hyatt Hotel in 1990.BIP is currently undergoing major refurbishment and re-configuration that will see the two existingbuildings integrated and increase the NLA from approximately 26,472 sq.m to 30,315 sq.m. The workincludes the following major changes:• Four-storey extension to the northern end of the centre;• Replacement of Yogya department store and supermarket with additional specialty retailers;• New Hypermart on the ground floor, replacing the previous ground floor space and occupied byMatahari specialty tenants;• Additional floor created for Matahari (Level 1 split into Level 1-a and 1b);• New food court in former level 3 Matahari space, replacing smaller food court on this level;• Creation of plaza area in front of ground floor shops, providing opportunities for al fresco dining;• Improved pedestrian movement via additional escalators, travelator to basement parking andintegration of the two buildings; and,• Additional parking in basement through relocation of centre management offices.F-67