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Leased MallsTrade area retail spending and forecast retail spending growth is summarised in Table 4.3.4 below.Together with modest population growth, total retail spending in the PTA and STA is expected to grow by5.0% per annum between 2007 and 2011.Table 4.3.4 Bandung Indah plaza trade area: population growth and spending forecastsSource: AC Nielsen; Economic Intelligence Unit; Jones Lang LaSalle Research and Consulting2007 (f) 2011 (f)% Growth 2007-2011 (p.a.)Primary Trade Area . . . . . . . . . . . . . . . . Population 544,313 566,187 1.0%Households* 124,947 129,968 1.0%Retail Spendingper Household(Rp. Million) 19.5 22.8 4.0%Total Retail Spend(Rp. Billion) 2,436 2,965 5.0%Secondary Trade Area . . . . . . . . . . . . . Population 573,521 596,569 1.0%Households* 97,213 101,119 1.0%Retail Spendingper Household(Rp. Million) 19.5 22.8 4.0%Total Retail Spend(Rp. Billion) 1,895 2,307 5.0%* Note: Total Households and Retail spending market only includes only those households assumed tofall within the target market (i.e., AC Nielsen’ Socio Economic Status (SES) categories A to C, describedas middle and upper income households). Spend market at 2007 prices (i.e. 2011 spend market at2007 prices; average annual retail spending per household and total retail spend market growthforecasts are real, not nominal, growth, excluding the effects of inflation)Source: AC Nielsen; Economic Intelligence Unit; Jones Lang LaSalle Research and Consulting4.3.6 CompetitionBIP is the most visited mall amongst its customers, with 57% of respondents surveyed reporting thesubject site as the centre they visit most often.The main competing centres to BIP are summarised in Table 4.3.5 and discussed below:• Bandung Supermal is considered the centre of greater competitive relevance, according to the marketresearch undertaken. The centre targets the upper income market in Bandung and is anchored by Metroand Giant Hypermarket. It has a strong entertainment offering, including cinemas, bowling and KotaFantasi. It is the largest shopping centre in the metropolitan area with an NLA of 48,800 sq.m, and isapproximately 4 kilometres south east of BIP. It is considered that Bandung Supermal will primarilycompete for discretionary spending from the upper income market rather than weekly convenienceshopping.• Riau Junction (Yogya) is less than 1 kilometre north of BIP. At the time of the market research, only theYogya supermarket at Riau Junction was opened. This centre will be fully opened by mid 2007 and willinclude a Yogya department store on levels 1 and 2 and food retailers on level 3. Its small size(approximately 6,400 sq.m) and limited offering suggests it will primarily compete with the departmentstore, supermarket and food & beverage retailers at BIP rather than the whole centre.• Istana Plaza is approximately 2 kilometres west of BIP and comprises over 27,000 sq.m of NLA over fivelevels. The centre is anchored by a small Hero supermarket, Rimo department store and Ace Hardwareand targets the middle to middle-upper income market.• Paris Van Java, a recently opened centre, has the potential to increase its competitive relevance once alltenancies are occupied and established. This centre has strong anchor tenants in Sogo and CarrefourF-72
Leased Mallsand approximately 38,000 sq.m of NLA. Its lifestyle offering is quite strong, including Bandung’s onlyBlitz Megaplex cinemas. It is approximately 4 kilometres north west of BIP, which is considerably furtherfrom BIP than other competitors such as Istana Plaza.There are no known major shopping mall developments approved or under construction in the Bandungmetropolitan area. However, given the relative strength of retail supply in recent years, particularly inGreater Jakarta, it is possible that further centres will be developed. Major drivers will be the continuedexpansion plans of major international and national department store and hypermart chains into the mainmetropolitan areas of Indonesia.Table 4.3.5 Main competition, Bandung Indah PlazaCentre nameDist. fromBandungIndah PlazaTypeNLA(sq.m)YearopenAnchor tenantsIstana Plaza . . . . . . . . . . . 2 km Lease 27,247 2001 Rimo, Hero, Ace HardwareBandung Supermal . . . . . . 4 km Lease 48,800 2001 Metro, Giant, Kota Fantasi,Cinemas, GUBA (bowling)RiauJunction.......... 1 km Lease 6,400 2007 Yogya supermarket &department storeCihampelas Walk . . . . . . . 2 km Lease 28,400 2004 Yogya supermarket &department store, CinemasParis Van Java . . . . . . . . . 4 km Lease 38,000 2006 Sogo, Carrefour, Blitz MegaplexSource: Jones Lang LaSalle Research and Consulting4.3.7 SWOT analysisTable 4.3.6 provides a summary of the strengths, weaknesses, opportunities and threats for BIP.Table 4.3.6 SWOT analysis, Bandung Indah PlazaStrengthsCentral location with good accessibility fromJl. Merdeka to metropolitan population ofBandung as well as nearby working population.Well established centre and well regarded as ameeting place for Bandung residents, particularlyits large student population.Strong youth retail offer, serving the local studentpopulation.Comprehensive “one stop shopping” centre withfull range of convenience and comparisonshopping.WeaknessesParking space is in high demand and regularly atabove full capacity.Entertainment offer not considered as strong assome of its competitionF-73
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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
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Executive summaryIMPLICATIONS FOR R
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Overview of Indonesia and its Econo
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Page 423 and 424: 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
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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 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 469 and 470: Leased Mallsterms of its very promi
Page 471 and 472: Leased MallsFigure 4.3.2 Bandung In
Page 473: Leased Malls• In terms of reasons
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
Page 511 and 512: Retail Spaces MallsIn addition, loc
Page 513 and 514: Retail Spaces MallsThe store target
Page 515 and 516: Retail Spaces MallsTable 5.3.1: Cen
Page 517 and 518: Retail Spaces MallsFigure 5.3.3: Gr
Page 519 and 520: Retail Spaces MallsThis relatively
Page 521 and 522: Retail Spaces MallsStrata title sho
Page 523 and 524: 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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